Despite the fact that manufacturing activity in the New York area was weaker than expected, manufacturing in the neighboring Philadelphia region came in better than expected this morning. With economists forecasting a headline reading of 10.0, the actual level came in at 16.6. Show More Summary
From the Philly Fed: April Manufacturing Survey Manufacturing activity in the region increased in April, according to firms responding to this month’s Business Outlook Survey. The survey’s broadest indicators for general activity, new orders, shipments, and employment all remained positive and increased from their readings in March. Show More Summary
The Philly Fed Business Outlook survey surged to 16.6, beating expectations by the most since September and rising to 7-month highs. Most subindices rose with shipments surging and new orders rising but prices paid flat. The big worry though is that this six-month forward expectations collapsed to their lowest since April 2013. Show More Summary
Heads up! We are minutes away from the release of the results of the Philadelphia Fed's April Business Outlook Survey, due out at 10 AM ET. The report's headline index is expected to advance to 10 from last month's 9 reading, indicative...Show More Summary
Some more data from DataQuick: California March Home SalesAn estimated 32,923 new and resale houses and condos sold statewide in March. That was up 28.2 percent from 25,680 in February, and down 12.8 percent from 37,764 sales in March...Show More Summary
The key reports this week are March retail sales on Monday and March housing starts on Wednesday.For manufacturing, the March Industrial Production and Capacity Utilization report, and the April NY Fed (Empire State) and Philly Fed surveys, will be released this week. Show More Summary
By Financial Sense: by Chris Puplava On Monday, the January release of the Philadelphia Fed's State Leading Economic Index came out for all 50 states of the nation. The leading index is a six-month forecast for the state coincident indexes...Show More Summary
On Monday, the January release of the Philadelphia Fed’s State Leading Economic Index came out for all 50 states of the nation. The leading index is a six-month forecast for the state coincident indexes and the January data showed that all 50 states are expected to see their coincident indexes rise over the next six months.
Some are pointing to the Philadelphia Fed number last week as a potential inflection point. The Philly Fed number has a history of being the first regional PMI number to recover from cycle bottoms.
From the Philly Fed: March Manufacturing Survey Manufacturing activity rebounded in March, according to firms responding to this month’s Business Outlook Survey. The survey’s broadest indicators for general activity, new orders, andShow More Summary
The severe winter has weighed on the U.S. economy in the past few months. Economists expect GDP for the January-March quarter to fall below 2%, but pick up again later this year. The Philly Fed's coincident indexes combine differentShow More Summary
On the heels of a weaker than expected Empire Manufacturing report Monday, manufacturing conditions in the Philadelphia area came in better than expected early Thursday. While economists were expecting an increase to 3.2 from last month's...Show More Summary
US and European stocks are spiking higher this morning supposedly on the back of better-than-expected data (Philly Fed) and self-referencing bias that surely Janet Yellen didn't mean what she said. Stocks (oddly) melted up on the last Philly Fed release (which was a massive miss). Show More Summary
The Philly Fed report points to better times following February's rough report.
The Federal Reserve Bank of Philadelphia said that manufacturing activity rebounded in March from weather-related weaknesses the month before. TheRead the Rest...
The Philly Fed Factory Index surge 15.3 points from February's plunge for its biggest jump in nine months. New Orders recovered most of last month's loss but the employment sub-index dropped to its lowest since June 2013. Perhaps even more troubling was the drop in the business outlook with the average workweek and new orders expected to drop. Show More Summary
Matt Rourke/AP By Rodrigo Campos NEW YORK -- Factory activity in the U.S. Mid-Atlantic region expanded far more than expected in March, a survey showed Thursday. The Philadelphia Federal Reserve Bank said its business activity indexShow More Summary
The Philadelphia Fed's March business and manufacturing survey came in at 9.0. Consensus was for a reading of 3.2, up from -6.3 last month. The employment index remained positive for the ninth consecutive month but edged 3 points lower. Nearly...Show More Summary
On Fed Chair Janet Yellen's press conference...From Jon Hilsenrath and Victoria McGrane at the WSJ: Yellen Debut Rattles MarketsIn a press conference after the meeting, Ms. Yellen suggested that interest-rate increases might come about six months after the bond-buying program ends—a conclusion that could come this fall. Show More Summary
From the Philly Fed: The Federal Reserve Bank of Philadelphia has released the coincident indexes for the 50 states for January 2014. In the past month, the indexes increased in 48 states and remained stable in two, for a one-month diffusion index of 96. Show More Summary