The Philly Fed Survey crushed expectations this morning coming in at +8.7, up from -17.5 last month, and against estimates of -9.4.Signs point to a recovery in the region’s manufacturing sector after months of decline. New orders in particular came in strong, and businesses are slightly more optimistic about future growth. Unlike Philly, manufacturing in New York continues to contract, indicating that the U.S. recovery is still off-track.
Here’s a look at some of the details from the Philadelphia Fed’s report.
Employment however eased from September with the index declining to 1.4 in October, from 5.8 the previous month
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