Philadelphia FED manufacturing index rebounds slightly in September
Source: FxWire Pro - Commentary / 20 Sep 2018 19:25:55 Europe/London
The Philadelphia Fed manufacturing index rebounded slightly in September. The index rose to 22.9 in the month from August’s 11.9. The print in September was slightly stronger than consensus expectations of 18. The gains seen today place the index at the lower end of the range of readings that have prevailed since the end of 2016, which is in line with strong rises in manufacturing activity.
Activity indicators in the release moved in a similar fashion, with new orders rising to 21.4 in September, while shipments and employment rose to 19.6 and 17.6, respectively. The latest data also indicates towards some moderation of the upward pressures on input prices paid that have been reported since April. In the meantime the index for inventories swung to a negative range.
Measures of forward expectations from the survey continue to indicate towards strong growth in activity in the region, with further indications that upstream pricing pressures might be moderating. The index of expected general business conditions in six months continues to be in strong expansion territory, down slightly from the range of readings seen a few quarters ago, while the indicator of expected input prices in six months dropped from elevated levels, noted Barclays in a research report.
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