The Philadelphia Fed Manufacturing Business Outlook Survey rebounded strongly in July, rising 21.5 points in July to crush the 4.5 consensus forecast. The diffusion index for current general activity more than recovered its losses from last month, increasing from 0.3 in June to 21.8.
Over 36% of the firms reported higher employment, compared with 25% last month. Only 6% reported decreases in employment this month.
The current employment index increased 15 points to 30.0, its highest reading since October 2017. The average workweek index also increased 16 points, hitting its highest reading in 14 months.
Over 36% of the firms reported higher employment juxtaposed to 25% last month. Only 6% reported decreases in employment this month. The current
employment index soared 15 points to 30.0, the highest reading since October 2017.
The Manufacturing Business Outlook Survey is a monthly survey of manufacturers in the Third Federal Reserve District.
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