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2008 Economic Calendar |
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Resource Center » U.S. & Intl Recaps | Release Dates | Why Investors Care | Today's Calendar
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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
| Released on 4/19/07 For Apr 2007 | ||||||||||||
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Highlights
At a positive 0.2 in April, the Philadelphia Fed's business activity index is signaling for a third month that the region's manufacturing sector is dead flat. New orders were flat at 2.8 vs. 1.9 in March. Shipments were also flat at 4.3 vs. 6.8 as was employment at 2.5 vs. 2.3. The supply chain is showing no pressure at all as slow conditions are allowing manufacturers to trim inventories and speed deliveries. Prices paid, reflecting energy prices, rose to 24.3 vs. 21.8 but prices received, reflecting slower demand, showed easing pressure at 5.2 vs. March's 16.3.
Today's report will firm expectations for another flat reading in the ISM manufacturing report, data to be released early next month and which have also been indicating stalled conditions. The financial markets showed no reaction to today's report.
The general business conditions component of the Philadelphia Fed's business outlook survey index remained stagnant at 0.2 in March, compared to 0.6 in February. New orders also remained in a flat zone. However, price indexes remained high due largely to higher oil costs.
Philadelphia Fed survey Consensus Forecast for April 07: +1.0
Range: -4.3 to +7.1
![[Chart]](chart.gif)
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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. |
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