The Philly Fed’s Manufacturing Business Outlook Survey is a monthly report for the Third Federal Reserve District, covers eastern Pennsylvania, southern New Jersey, and Delaware. While it focuses exclusively on business in this district, this regional survey gives a generally reliable clue as to the direction of the broader Chicago Fed’s National Activity Index.
The latest Manufacturing Index came in at 43.3, up from last month’s 23.6. The 3-month moving average came in at 28.9, up from 17.3 last month. Since this is a diffusion index, negative readings indicate contraction, positive ones indicate expansion. The Six-Month Outlook came in at 56.6, an increase over the previous month’s 48.7.
Today’s 43.3 came in well above the 18.0 forecast at Investing.com.
Here is the introduction from the survey released today:
Results from the February Manufacturing Business Outlook Survey suggest that growth in regional manufacturing is broadening. The diffusion indexes for general activity, new orders, and shipments were all positive this month and increased notably from their readings last month. The surveyed firms continued to report growth in employment and work hours. Although they moderated from last month, the future indexes for growth over the next six months continued to reflect a high degree of optimism. (Full Report)
This post was published at FinancialSense on 02/16/2017.
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