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Wednesday, August 5, 2020
HomeNewsEconomyPhiladelphia Fed Manufacturing Business Outlook Survey Beats Forecast in August

Philadelphia Fed Manufacturing Business Outlook Survey Beats Forecast in August

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

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.

PriorConsensus ForecastForecast RangeActual
Manufacturing Business Outlook Survey – Level21.811.14.4  to 16.416.8 

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.

Empire State Manufacturing Survey Ticks Slightly Higher in August, Beating Forecast

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.

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.

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