Widget Image
Follow PPD Social Media
Follow Us:
People's Pundit Locals Community
Thursday, December 8, 2022
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%).

Written by
Staff Writing Group

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.

No comments

leave a comment

This site uses Akismet to reduce spam. Learn how your comment data is processed.

People's Pundit Daily
You have %%pigeonMeterAvailable%% free %%pigeonCopyPage%% remaining this month. Get unlimited access and support reader-funded, independent data journalism.

Start a 14-day free trial now. Pay later!

Start Trial