US: Philly Fed Manufacturing Index jumps to 21.8 in July vs 5.0 expected and 0.3 previous
|“Manufacturing conditions in the region showed improvement this month and the diffusion index for current general activity more than recovered from its decline last month, increasing from 0.3 in June to 21.8 this month,” showed the Federal Reserve Bank of Philadelphia's July Manufacturing Business Outlook Survey released this Thursday.
Key takeaways from the press release
• The current new orders index increased 11 points, while the shipments index increased 8 points.
• The current employment index increased 15 points to 30.0, its highest reading since October 2017.
• The average workweek index also increased 16 points, hitting its highest reading in 14 months.
• The current prices received index increased 9 points to a reading of 9.5.
• The prices paid diffusion index increased 3 points to 16.1.
• The diffusion index for future general activity increased 17 points to its highest reading since May 2018.
• The future capital spending index improved 9 points this month to a reading of 36.9, its highest reading in 17 months.
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