The Philadelphia Federal Reserve Manufacturing Business Outlook Survey came in at 16.8, a far less than expected drop to beat the forecast for August.
|Prior||Consensus Forecast||Forecast Range||Actual|
|Manufacturing Business Outlook Survey – Level||21.8||11.1||4.4 to 16.4||16.8|
New orders increased by 7 points, while shipments decreased by 6 points. Unfilled orders and delivery times indexes remained positive, indicating higher unfilled orders and slower delivery times.
However, while firms reported hiring, the current employment index fell 26 points to 3.6, the lowest since November 2016. Nearly 25% of the firms reported higher employment juxtaposed to 36% last month.
Nearly 21% of the firms reported decreases in employment this month, up from 6% last month. The average workweek index also remained positive but decreased.