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Monday, May 20, 2024
HomeNewsEconomyPhiladelphia Fed Manufacturing Survey Post First Negative Reading Since May 2016

Philadelphia Fed Manufacturing Survey Post First Negative Reading Since May 2016

A manufacturing assembly line at the Heinz factory in Pittsburgh, Pennsylvania. (Photo: Courtesy of Heinz)

Employment, 6-Month Outlook Still Suggest Solid Regional Activity

The Philadelphia Federal Reserve Manufacturing Business Outlook Survey weakened in February, falling to -4.1 and missing the forecast. This is the index’s first negative reading since May 2016.

The consensus forecast was 14.0, with forecasts ranging from a low of 12.0 to a high of 16.0

The diffusion index for future general activity held steady this month at a solid 31.3. More than 46% of the firms expect increases in activity over the next six months, while just 15% expect declines.

The future new orders index fell 3 points, but the future shipments index increased 4 points. The future employment index fell 11 points to 23.6, the lowest reading since November 2016.

However, the percentage of firms expecting to increase employment over the next six months (31%) was still far higher than the percentage expecting to decrease employment (7%).

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PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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