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Manufacturing activity in the mid-Atlantic region missed Wall Street expectations this morning, as the Philadelphia Federal Reserve issued a lukewarm report.Most of the key data points showed decline, including new orders, shipments, and overall confidence in the economic environment.
But there was one highlight from the report: employment.
The key number of employees sub-index surged to 17.9 from 6.8, as 26.7 per cent of respondents said they increased hiring.
A vast majority of employers said they had not increased their workforce and only 8.8 per cent said they had reduced their employment levels.
The future number of employees sub-index also brightened substantively, increasing six points to 27.8. More than a third of respondents said they planned on hiring over the next six months.