Financial News: Philly Fed Index Indicates Return To Growth In

Philly Fed Index Indicates Return To Growth In September

09/19/2024 - 12:14:00 (RTTNews)

(RTTNews) - A reading on Philadelphia-area manufacturing activity returned to positive territory in the month of September, the Federal Reserve Bank of Philadelphia revealed in a report released on Thursday.

The report said the diffusion index for current general activity jumped to a positive 1.7 in September from a negative 7.0 in August, with a positive reading indicating growth. Economists had expected the index to surge to a positive 2.0.

However, the Philly Fed described regional manufacturing activity as "mixed overall," as the indexes for new orders and shipments declined and turned negative.

The new orders index tumbled to a negative 1.5 in September from a positive 14.6 in August, while the shipments index plunged to a negative 14.3 in September from a positive 8.5 in August.

At the same time, the number of employees index soared to a positive 10.7 in September from a negative 5.7 in August, suggesting a turnaround by employment.

The report also said the prices paid index jumped to 34.0 in September from 24.0 in August, while the prices received index surged to 24.6 in September from 13.7 in August.

Looking ahead, the Philly Fed said firms continue to expect growth over the next six months, with the diffusion index for future general activity inching up to 15.8 in September from 15.4 in August.

The Federal Reserve Bank of New York released a separate report on Monday showing regional manufacturing grew for the first time in nearly a year in the month of September.

The New York Fed said its general business conditions index surged to a positive 11.5 in September from a negative 4.7 in August, with a positive reading indicating growth. Economists had expected the index to inch up to a negative 3.9.

With the sharp increase, the index returned to positive territory for the first time since hitting a positive 9.1 last November.

The report also said firms grew more optimistic that conditions would improve in the months ahead, as the index for future business activity climbed to 30.6 in September from 22.9 in August.

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