Yahoo Finance Philly Fed Index Rises in July
Investing.com - The Philadelphia Fed's manufacturing index rose in July, to a reading of 25.7 from 19.9 in June, the Philly Fed reported on Thursday.
The consensus forecast had been for a reading of 21.6.
Any reading above zero indicates improving conditions, below indicates worsening conditions.
With regard to future activity in the sector, new orders increased to 31.4 in July, compared to last month's reading of 17.9.
The employment index declined to 16.8 in June, compared to a prior reading of 30.4, indicating a slower pace of hiring.
Meanwhile, the prices paid index rose to 62.90 this month from 51.80.
The Philly Fed noted that all the broad indicators remained positive, with the general activity and new orders indexes improving this month.
It highlighted that the survey’s price indexes suggested widespread increases for purchased inputs, and more firms reported price increases for their own manufactured goods.
“Expectations for the next six months continued to moderate but remain positive overall,” the report concluded.
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