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Philly Fed Prices Paid Jump But Limited Passthrough, Per Beige Book

US DATA
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  • The Philly Fed manufacturing index was clearly stronger than expected in April at 15.5 (cons 2.0) after 3.2 in Mar, for its highest since Apr’22.
  • Supporting this strength was the six-month ahead version only dipping from 38.6 to 34.3 after jumping 31pts in March.
  • Activity: New orders increased strongly from 5.4 to 12.2 (highest since May’22) and shipments increased from 11.4 to 19.1 (strongest since Aug’22).
  • Prices: Prices paid jumped from a particularly low 3.7 to 23.0 (highest since Dec’23) although prices received were more contained as they only increased from 4.6 to 5.5.
  • More striking was the 6-mths ahead measures of prices paid increasing from 38.0 to 54.5 (highest since Jun’22), although again, prices received fell from 37.1 to 34.4.
  • Recall yesterday’s Beige Book noted a considerable weakening in recent months in ability to pass cost increases on to consumers. It also added that the perceived upside risks to near-term input and output prices were mostly confined to manufacturers.
  • On an ISM-equivalent basis, it firms from 48.0 to 49.8 (highest since Aug'22) after the Empire survey firmed from 45.5 to 46.0 on Monday.
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  • The Philly Fed manufacturing index was clearly stronger than expected in April at 15.5 (cons 2.0) after 3.2 in Mar, for its highest since Apr’22.
  • Supporting this strength was the six-month ahead version only dipping from 38.6 to 34.3 after jumping 31pts in March.
  • Activity: New orders increased strongly from 5.4 to 12.2 (highest since May’22) and shipments increased from 11.4 to 19.1 (strongest since Aug’22).
  • Prices: Prices paid jumped from a particularly low 3.7 to 23.0 (highest since Dec’23) although prices received were more contained as they only increased from 4.6 to 5.5.
  • More striking was the 6-mths ahead measures of prices paid increasing from 38.0 to 54.5 (highest since Jun’22), although again, prices received fell from 37.1 to 34.4.
  • Recall yesterday’s Beige Book noted a considerable weakening in recent months in ability to pass cost increases on to consumers. It also added that the perceived upside risks to near-term input and output prices were mostly confined to manufacturers.
  • On an ISM-equivalent basis, it firms from 48.0 to 49.8 (highest since Aug'22) after the Empire survey firmed from 45.5 to 46.0 on Monday.