Economy
Philadelphia Fed Manufacturing Survey Dips in July
Written by Sandy Williams
July 15, 2015
The Philadelphia Manufacturing Business Outlook Survey showed slower growth in business activity in July. The headline index dropped to 5.7 from 15.2 in June but remained positive for the month. The index has been in single digits so far this year with the exception of June.
New orders slipped eight points in July while the current shipments index fell 10 points from its six-month high in June. Both remained in positive territory. Unfilled orders and delivery times decreased in July indicating a decline in backlogs and faster delivery times.
The employment index also took a dive, dropping to -0.4. Respondents were evenly split on increases and decreases in employment.
Input prices were reported as higher in Jul, increasing for the second month and at its highest reading since October. Most respondents indicated prices received as steady (77 percent) with the percentage of those reporting higher prices slightly higher percentage than those reporting lower prices.
The future outlook improved slightly with the future general activity index rising 2 points to its highest reading since January. The index for future new orders increased 1 point while future shipments slipped 5 points after a 10 month high in June.
More 31 percent of respondents expect to increase their workforce in the next six months.
The Manufacturing Business Outlook Survey is published monthly by the Federal Reserve Bank of Philadelphia.
Sandy Williams
Read more from Sandy WilliamsLatest in Economy
Architecture billings flat in October after months of contraction
Architecture firms reported stable billings in October, according to the latest Architecture Billings Index (ABI) released by the American Institute of Architects (AIA) and Deltek. This follows 20 months of contracting business conditions.
Trump taps Lutnick to be Commerce Secretary
President-elect Donald Trump has named Wall Street veteran Howard Lutnick as the new US Secretary of Commerce.
New York state manufacturing activity ramps up to multi-year high
New York state’s manufacturing sector saw substantial recovery in November, according to the latest Empire State Manufacturing Survey from the Federal Reserve Bank of New York.
CRU: Dollar and bond yields rise, metal prices fall as Trump wins election
Donald Trump has won the US presidential election. The Republican party has re-taken control of the Senate. Votes are still being counted in many tight congressional races. But based on results so far, the Republicans seem likely to maintain control of the House of Representatives. If confirmed, this will give Trump considerable scope to pass legislation pursuing his agenda. What this means for US policy is not immediately obvious. Trump will not be inaugurated until Jan. 20. In the coming weeks and months, he will begin to assemble his cabinet, which may give a clearer signal on his policy priorities and approaches. Based on statements he made during the presidential campaign, we have set out the likely direction of his economic policy here and green policy here.
ISM: Manufacturing index fell in Oct to lowest point of ’24
Domestic manufacturing contracted for the seventh straight month in October, according to the latest report from the Institute for Supply Management (ISM). This marks the 23rd time in the last 24 months that it has been in contraction.