The Philadelphia Fed’s monthly survey indicate a pickup in growth for the region’s manufacturing sector. The indexes for general activity, new orders, shipments, and employment all improved from their readings last month. The indexes for prices paid and received continued to suggest price pressures. Looking ahead six months, the firms continued to be optimistic about the outlook for manufacturing activity.
Over 43% of the manufacturers reported increases in overall activity this month, while 9% reported decreases. Both current new orders and shipments indexes improved this month, increasing 22 points and 2 points, respectively.