2017 Economic Calendar
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Philadelphia Fed Business Outlook Survey  
Released On 11/16/2017 8:30:00 AM For Nov, 2017
PriorConsensusConsensus RangeActual
General Business Conditions Index - Level27.9 25.0 23.0  to 26.5 22.7 

A little less heat is a welcome thing when it comes to the Philly Fed manufacturing report. The general conditions index moderated about 5 points to what is still an enormously strong 22.7 in November. New orders and shipments are both just over 20 with unfilled orders building sharply, at 17.0 for a 6.1 point gain. Manufacturers in this sample are struggling to keep up with the work as employment is at 22.6, down 8 points from October's 48-year record yet very strong. The sample continues to report elevated input costs but only limited traction for selling prices. Delivery times continue to lengthen but to an easing degree which is good news while inventories fell in the month.

This report continues to show some of the most impressive strength on record though actual government data on the factory sector have shown much less momentum. Watch later this morning for the manufacturing component of the industrial production report, a key reading on the factory sector that has been struggling to stay positive.

Consensus Outlook
The Philly Fed manufacturing index has easily beaten Econoday's consensus the last three reports, at 27.9 in October with November's consensus at 25.0. The employment index, at 30.6, posted a record in October while delivery times and inventories were up on hurricane effects.

The general conditions index from this business outlook survey is a diffusion index of manufacturing conditions within the Philadelphia Federal Reserve district. This survey, widely followed as an indicator of manufacturing sector trends, is correlated with the ISM manufacturing index and the index of industrial production.  Why Investors Care
The Philadelphia Fed''s business outlook survey is a good leading indicator for the index of industrial production. It is reported in the third week of the month and thus has a lead time of nearly three weeks.
Data Source: Haver Analytics

2017 Release Schedule
Released On: 1/192/163/164/205/186/157/208/179/2110/1911/1612/21
Release For: JanFebMarAprMayJunJulAugSepOctNovDec

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