The Full Details From Today's Bullish Philly Fed Report

Chase Utlies Phillies Hitting Home Run

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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.

Business activity improved significantly since last month

The rise in new orders for companies has almost mirrored the rise in the business activity index

Shipments also jumped into positive territory

Employment however eased from September with the index declining to 1.4 in October, from 5.8 the previous month

However 15% of firms reported a longer workweek compared to 12% that reported a shorter one

Is housing to blame for the faltering recovery?

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