Free Trial

Small Miss For Philly Fed Mfg Despite Orders Bounce

  • 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

To read the full story



MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.