Philly Fed business index
- Prior -10.5
- Employment -1.8 vs -1.7 prior
- New orders -17.9 vs -25.6 prior
- Prices paid +11.3 vs +25.1 prior
- Prices received +6.3 vs +13.6 last month
- Shipments -6.2 vs -10.8 last month
- Unfilled orders -18.5 vs -7.9 last month
- Delivery times -27.6 vs -16.8 last month
- Inventories -14.6 vs -4.2 last month
- Avg employee workweek -0.9 vs -5.0 last month
For the 6-month index:
- Six month index -4.0 vs +12.1 last month
- Employment: +1.1 vs 1.4 last month
- New orders: +9.7 vs 20.2 last month
- Shipments: +5.5 vs 21.5 last month
- Prices paid: +34.4 vs 19.9 last month
- Prices received: +20.7 vs 28.6 last month
This is slightly below expected but it should give the market a sigh of relief after a dreadful Empire Fed survey on Monday. The drop in the prices paid component is also a good sign on inflation, though the future prices paid index rose. There is some weakening here but there's no cliff.
The Fed will like the drop in wage growth expectations in the Philly Fed.
