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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 7/19/07 For Jul 2007 | ||||||||||||
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Highlights
The Philadelphia Fed's business activity slipped back to 9.2 in July from 18.0 in June, indicating expanding conditions but at a slower rate than June. New orders also slowed, to 11.3 from 18.3 in June, but the shipments index shot up to 20.3 from 5.0, reflecting June's strong increase in new orders. The spike in shipments is not reflected in the main index which is not a composite of sub-indexes.
Other readings included a jump in the six-month outlook, to 30.4 from 16.7. Price readings showed steady but not increasing rates of pressure.
Most manufacturing data have been on the upswing, and today's report, especially the six-month outlook, also points to rising demand. Today's report had no immediate impact on the financial markets but it does point to moderate and steady strength in the ISM manufacturing report to be issued at the beginning of next month.
The general business conditions component of the Philadelphia Fed's business outlook survey index surged to 18.0 in June from 4.2 May. This is a sharp contrast to near flat readings from March through May. New orders also picked up sharply. Prices paid were on the high side at 29.7 in June but competition has kept the prices received index modest as indicated by a reading of 5.1 in June.
Philadelphia Fed survey Consensus Forecast for July 07: 14.0 Range: 7.0 to 22.0
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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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