Tag

Philadelphia Fed Archives - Shopfloor

Philly Fed: Manufacturers Continue to Report Healthy Expansion in March

By | Economy, Shopfloor Economics | No Comments

The Federal Reserve Bank of Philadelphia said that manufacturing activity continued to be healthy in its district in March. The composite index of general business activity eased somewhat from 25.8 in February to 22.3 in March, but new orders (up from 24.5 to 35.7) and shipments (up from 15.5 to 32.4) accelerated strongly at their fastest paces in 12 months. More importantly, just over 52 percent of respondents said that new orders had increased in March, with just 16.4 percent noting declines. In addition, the labor market remained tight, with employment (up from 25.2 to 25.6) strengthening slightly and nearly 35 percent of those completing the survey suggesting that hiring had picked up in March. The average workweek (down from 13.7 to 12.8) slowed a bit in this report but was strong overall. Read More

Philly Fed: Manufacturing Activity Expanded Solidly in February, with Prices Accelerating Strongly

By | Economy, Shopfloor Economics | No Comments

The Federal Reserve Bank of Philadelphia said that manufacturing activity accelerated once again in February, continuing to expand at healthy rates in the first two months of 2018. The composite index of general business activity rose from 22.2 in January to 25.8 in February. To illustrate just how much this measure has reflected strong growth of late, the composite index averaged a rather robust 26.5 over the past 15 months. (It averaged just 1.1 in the 15 months prior to that.) In February, the data were mixed. New orders (up from 10.1 to 24.5) and hiring (up from 16.8 to 25.2) both improved, but shipments (down from 30.3 to 15.5) and the average workweek (down from 16.7 to 13.7) slowed, even as all of these indices indicated solid gains in February. Read More

Philly Fed: Manufacturing Activity Began 2018 on a Solid Note, Even with a Little Easing in January

By | Economy, Shopfloor Economics | No Comments

The Federal Reserve Bank of Philadelphia said that manufacturing activity began 2018 on a solid note, even with a little easing in several measures in January. The composite index of general business activity declined from 27.9 in December to 22.2 in January, which was its lowest level since August but continued to reflect optimism overall. (Note that these figures reflect a new seasonal adjustment update for all past data points.) To illustrate the improvements in manufacturing sentiment over the past year, the headline index averaged 27.4 in 2017, up from 4.9 in 2016, and this measure has indicated expanding levels of activity for 20 straight months. In December, the underlying data were mixed. Shipments (up from 23.9 to 30.3), the average workweek (up from 12.6 to 16.7) and raw material prices (up from 27.8 to 32.9) accelerated somewhat for the month; whereas, new orders (down from 28.2 to 10.1) and employment (down from 19.7 to 16.8) softened. Read More

Philly Fed: Manufacturing Continued to Expand Strongly in December

By | Economy, Shopfloor Economics | No Comments

The Federal Reserve Bank of Philadelphia said that manufacturing activity continued to expand strongly in December. The composite index of general business activity increased from 22.7 in November to 26.2 in December. Overall, manufacturers in the district are more upbeat this year than last, with the headline index averaging 27.3 in 2017 versus 4.8 for 2016. New orders (up from 21.4 to 29.8) and shipments (up from 21.7 to 23.4) both accelerated in the latest month, ending the year with a robust pace. Indeed, 41.5 percent of respondents said that new orders had risen in December, with just 11.7 percent citing declining sales. The labor market was also healthy. Employment (down from 22.6 to 18.1) and the average workweek (down from 13.7 to 10.6) remained at healthy rates of growth despite some easing in this report. Read More

Philly Fed: Manufacturing Continued to Expand Strongly in July

By | Economy, Shopfloor Economics | No Comments

The Federal Reserve Bank of Philadelphia said that manufacturing activity continued to expand strongly in July. With that said, the composite index of general business activity decreased from 27.6 in June to 19.5 in July. Even with some easing for the second straight month, the headline index has averaged 29.7 year-to-date, illustrating the much-improved performance so far in 2017. The composite measure peaked at 43.3 in February, its best reading since November 1983. In July, manufacturers reported positive growth across-the-board, but many of the underlying data points decelerated. This included new orders (down from 25.9 to 2.1), shipments (down from 28.5 to 12.2), employment (down from 16.1 to 10.9) and the average workweek (down from 20.5 to 3.8). To illustrate the slower growth in this survey, the percentage of respondents saying that orders had increased in the month dropped from 44.8 percent in June to 30.5 percent in July, with those suggesting a decrease rising from 18.9 percent to 28.4 percent. Read More

Philly Fed: Manufacturing Expanded Strongly in June Once Again

By | Economy, Shopfloor Economics | No Comments

The Federal Reserve Bank of Philadelphia said that manufacturing activity expanded strongly in June once again. The composite index of general business activity decreased from 38.8 in May to 27.6 in June. To illustrate this recent progress, the headline index has averaged 31.4 through the first half of 2017, peaking at 43.3 in February, which was the best reading since November 1983. For comparison purposes, the average in the second half of 2016 was 9.1. In fact, growth in new orders (up from 25.4 to 25.9) accelerated in June, with nearly 45 percent of survey respondents saying that demand had risen since May. At the same time, other measures softened a bit in this release, even as they continued to expand at decent rates. Those included shipments (down from 39.1 to 28.5), employment (down from 17.3 to 16.1) and the average workweek (down from 21.7 to 20.5). Read More

Philly Fed: Manufacturing Continues to Expand at a Robust Pace

By | Economy, Shopfloor Economics | No Comments

The Federal Reserve Bank of Philadelphia said that manufacturing activity continued to expand at a robust pace in May. The composite index of general business activity increased from 22.0 in April to 38.8 in May. February’s 43.3 figure was the highest reading since November 1983, and this latest figure was the best since then. The headline number in May was boosted by strong growth in shipments (up from 23.4 to 39.1), with the percentage of respondents suggesting that their shipments had increased rising from 38.5 percent in April to 48.4 percent in May. In addition, there were strong gains seen for new orders (down from 27.4 to 25.4), employment (down from 19.9 to 17.3) and the average workweek (up from 18.9 to 21.7), even with some easing in a couple of these measures. The rate of expansion for the average employee workweek was at a level not seen since October 1987. Read More

Philly Fed: Manufacturing Continues to Expand Strongly Despite Some Easing in April

By | Economy, Shopfloor Economics | No Comments

The Federal Reserve Bank of Philadelphia reported that manufacturing activity remained strong in April, even as headline growth has continued to pull back from February’s pace, which was the best reading since November 1983. The composite index of general business activity has decreased from 43.3 in February, to 32.8 in March, to 22.0 in April. Despite the easing in the composite and many of the underlying measures, the data continued to signal a healthy expansion in the district, including new orders (down from 38.6 to 27.4), shipments (down from 32.9 to 23.4), employment (up from 17.5 to 19.9) and the average workweek (up from 18.5 to 18.9). The rate of hiring growth was the fastest since May 2011. On the downside, there have been rising pricing pressures of late (down from 40.7 to 33.7), even as the index for prices paid decelerated somewhat from its highest level in nearly six years. Read More

Share