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Small Miss For Philly Fed Mfg Despite Orders Bounce

US DATA
  • The Philly Fed manufacturing index lifted by slightly less than expected in October, to -9.0 (cons -7.0) from -13.5.
  • It came despite bounces in new orders (+14.6pts to 4.4) and shipments (+14.0pts to 10.8) which drove the monthly improvement.
  • Price components softened, with prices paid -2.6pts to 23.1 and prices received -0.2pts to 14.6. Both these values are off lows seen earlier in 2023 but are still low by post-pandemic standards and more in line with ‘normal’ pre-pandemic levels.
  • The six-month ahead business outlook meanwhile dipped slightly to 9.2 from 11.1. It's more optimistic than current conditions but with less dispersion compared to the Empire State equivalent at 23.1 for the six-month vs -4.6 current.

Source: Philly Fed

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