Philly Fed Index Bounces BackOctober 20, 2011 @ 10:04 AM EST
Economic Update: Philadelphia Fed Index
The Philadelphia Fed Business Outlook Index was reported at +8.7 in October, which was well above the consensus for a reading of -8.6.
For comparison purposes:
- September: -17.5
- August: -30.7
- July: +3.2
- June: -7.7
- May: 3.9
- April: 18.5
- March: 43.4
- February: 35.9
- January: 20.6
- December: 20.8
- November: 22.5
- October: 1.0
The Future Activity Index rose by 6 points to its highest reading in six months.
The New Orders index: +7.8 vs -11.3.
The Employment index: +1.4 vs. +5.8.
Responses to the Business Outlook Survey this month suggest that regional manufacturing is showing signs of recovering, following several months of decline. The survey’s broad indicators for activity, shipments, and new orders recorded positive readings after two months in negative territory. Responding firms indicated that employment was slightly higher this month. The broadest indicator of future activity remained positive and showed marginal improvement over its reading last month.
According to Investopedia, the Philly Fed Index is a regional federal-reserve-bank index measuring changes in business growth. The index is constructed from a survey of participants who voluntarily answer questions regarding the direction of change in their overall business activities. The survey is a measure of regional manufacturing growth. When the index is above 0 it indicates factory-sector growth, and when below 0 indicates contraction.
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