Manufacturing activity in the Philadelphia region was down overall, marking the 18th negative reading in the past 20 months. That’s according to the firms…
January 2021 Philly Fed Manufacturing Survey Index Improves
Analyst Opinion of the Philly Fed Business Outlook Survey
Overall, this report was better than last month as key elements improved.
This is a very noisy index which readers should be reminded of is sentiment-based. The Philly Fed historically is one of the more negative of all the Fed manufacturing surveys but has been more positive than the others recently.
The index moved from a revised positive 9.1 to 26.5. Positive numbers indicate market expansion, negative numbers indicate contraction. The market expected (from Econoday) 5.5 to 15.0 (consensus +12.0).
Manufacturing activity in the region continued to grow, according to firms responding to the January