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- US: Philadelphia Fed Manufacturing Index rises to -13.5 in July vs. -10 expected
US: Philadelphia Fed Manufacturing Index rises to -13.5 in July vs. -10 expected
The diffusion index for current general activity of the Federal Reserve Bank of Philadelphia's Manufacturing Survey rose modestly to -13.5 in July from -13.7 in June. This mark was below the market expectation of -10. It was the 11th consecutive negative reading.
According to the report, data “suggest continued overall declines in the region’s manufacturing sector this month. The indicators for current activity and new orders remained negative, while the index for shipments turned negative. The firms reported overall increases in prices received and prices paid. The survey’s future indexes improved and suggest that respondents expect growth over the next six months.”
Key takeaways from the report:
“On balance, the firms reported mostly steady levels of employment. The employment index ticked down from a reading of -0.4 last month to -1.0 this month.”
“The prices paid diffusion index declined 1 point to 9.5 in July. One-fifth of the firms reported increases in input prices, and 11 percent reported decreases; 68 percent reported no change.”
“The diffusion index for future general activity jumped from a reading of 12.7 in June to 29.1 in July, the index’s highest reading since August 2021.”
Market reaction:
The US Dollar rose across the board after the weekly Jobless Claims report and the Philly Fed. The DXY printed a fresh daily high above 100.40 and US yields spike to fresh weekly highs.
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