Philly Fed Index Skyrockets To Highest Level Since April 2021

RTTNews | 27 days ago
Philly Fed Index Skyrockets To Highest Level Since April 2021

(RTTNews) - The Federal Reserve Bank of Philadelphia released a report on Thursday showing a substantial turnaround by regional manufacturing activity in the month of January.

The Philly Fed said its diffusion index for current general activity skyrocketed to a positive 44.3 in January from a negative 10.9 in December, with a positive reading indicating growth. Economists had expected the index to jump to a negative 5.0.

With the significantly bigger than expected increase, the Philly Fed index surged its highest level since hitting 44.4 in April 2021.

The spike by the headline index partly reflected a substantial turnaround by new orders, as the new orders index soared to a positive 42.9 in January from a negative 3.6 in December, reaching its highest level since November 2021.

The shipments index also skyrocketed to 41.0 in January from 1.7 in December, reaching its highest reading since October 2020. The employment index also climbed to 11.9 in January from 4.8 in December.

The report also said the prices paid index rose to 31.9 in January from 26.6 in December, while the prices received index jumped to 29.7 in January from 5.6 in December.

Looking ahead, the Philly Fed said the diffusion index for future general activity jumped to 46.3 in January from 33.8 in December, suggesting more widespread expectations for overall growth over the next six months.

The Federal Reserve Bank of New York released a separate on Wednesday showing regional manufacturing activity unexpectedly declined in the month of January.

The New York Fed said its general business conditions index slumped to a negative 12.6 in January from a positive 2.1 in December, with a negative reading indicating contraction. Economists had expected the index to inch up to a positive 3.0.

Meanwhile, the New York Fed said firms grew more optimistic conditions would improve in the months ahead, with the index for future business activity jumping to 36.7 in January from 26.9 in December.

read more
U.S. Consumer Sentiment Unexpectedly Slumps In February As Inflation Expectations Surge

U.S. Consumer Sentiment Unexpectedly Slumps In February As Inflation Expectations Surge

Consumer sentiment in the U.S. has unexpectedly deteriorated in the month of February, according to preliminary data released by the University of Michigan on Friday. The University of Michigan said its consumer sentiment index slumped to 67.8 in February after rising to 71.1 in January. Economists had expected the index to inch up by to 72.0.
RTTNews | 5 days ago
U.S. Employment Climbs Less Than Expected In January

U.S. Employment Climbs Less Than Expected In January

While the Labor Department released a report on Friday showing employment in the U.S. increased by less than expected in the month of January, the report also showed the unemployment rate unexpectedly edged slightly lower.
RTTNews | 5 days ago
U.S. Weekly Jobless Claims Rise More Than Expected To 219,000

U.S. Weekly Jobless Claims Rise More Than Expected To 219,000

A day ahead of the release of the more closely watched monthly jobs report, the Labor Department released a report on Thursday showing first-time claims for U.S. unemployment benefits rose by more than expected in the week ended February 1st. The report said initial jobless claims climbed to 219,000, an increase of 11,000 from the previous week's revised level of 208,000.
RTTNews | 6 days ago