Philly Fed Manufacturing Index Spikes Higher

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Manufacturing activity in the Third Federal Reserve District increased significantly in July according to the Manufacturing Business Outlook Survey from the Federal Reserve Bank of Philadelphia. The top line general business activity index increased +31.1 points m/m in July to +41.4. New orders and shipments also moved higher, with the new orders index increasing to +37 in July from +27.3 in June, and shipments index increasing to +33.7 from +14.9 in the prior month. The employee count index moved slightly higher m/m, while the average workweek moved into positive territory to +14 from -6.5 in June. In contrast, the six-month forward expectations indexes all moved lower m/m but remained in positive territory.

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