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Philadelphia Fed Archives - Shopfloor

Philly Fed: Manufacturing Continued to Expand Strongly in July

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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

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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

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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

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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

Philly Fed: Growth in Manufacturing Activity Remained Strong in March

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The Federal Reserve Bank of Philadelphia said that manufacturing activity remained strong in March, even as headline growth pulled back from its strongest pace since November 1983. The composite index of general business activity decreased from 43.3 in February to 32.8 in March, which continued to be quite elevated. Despite the easing in the composite measure, many of the underlying data points expanded at a faster rate in March. This included new orders (up from 38.0 to 38.6), shipments (up from 28.6 to 32.9), employment (up from 11.1 to 17.5) and the average workweek (up from 13.6 to 18.5). Indeed, 53.4 percent of respondents said that sales were higher in March than in February, which should bode well for activity down the line. On the downside, faster growth appears to be leading to increased pricing pressures (up from 29.9 to 40.7), its highest level since May 2011. Read More

Philly Fed: Manufacturing Activity Accelerated in February at Strongest Rate Since November 1983

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The Federal Reserve Bank of Philadelphia said that manufacturing activity expanded in February at its strongest rate since November 1983. The composite index of general business activity rose from 23.6 in January to 43.3 in February, with 48.2 percent of survey respondents suggesting that conditions had improved this month. Just 4.8 percent said that conditions had worsened. Other measures were also uplifting, including new orders (up from 26.0 to 38.0), shipments (up from 20.5 to 28.6) and the average employee workweek (up from 6.8 to 13.6). Growth in hiring (down from 12.8 to 11.1) continued to expand modestly despite some easing in the current release. Read More

Philly Fed: Manufacturing Activity Continued to Accelerate in January

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The Federal Reserve Bank of Philadelphia said that manufacturing activity expanded at its fastest pace in 26 months, continuing to accelerate as we begin 2017. The composite index of general business activity rose from 19.7 in December to 23.6 in January, its highest level since November 2014. In addition, sentiment has now expanded for six consecutive months, improving from broad-based weaknesses in late 2015 and early 2016. Growth in new orders (up from 14.9 to 26.0) also rose strongly, with 41.4 percent of respondents noting increased sales for the month, up from 31.6 percent in the prior release. At the same time, shipments (down from 21.7 to 20.5) and hiring (up from 3.6 to 12.8) were also encouraging, albeit with a slight easing in the former. Read More

Philly Fed: Post-Election Manufacturing Sentiment at 25-Month High

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The Federal Reserve Bank of Philadelphia reported that manufacturing activity expanded at its fastest pace in 25 months, expressing post-election optimism in its latest survey. The composite index of general business activity soared from 7.6 in November to 21.5 in December, its highest level since November 2014. In addition, sentiment has now expanded for five consecutive months, improving from weaker data earlier in the year. With that said, the underlying data were mixed, but still encouraging. Growth in new orders eased somewhat (down from 18.6 to 13.9), whereas shipments accelerated (up from 19.5 to 22.0), with both variables expressing relatively strong expansions.   Read More