Philly Fed Index MISSES Expectations At 7.3

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Weakish report. The January Philly Fed index came in at 7.3 (which shows growwh) though that’s below estimates of 10.3.

There was some decent news on hiring.

From the release:

  • labour market conditions continue to show improvement, but the current employment index was virtually unchanged from December’s reading.
  • The percentage of firms reporting an increase in employment (21 per cent) was higher than the percentage reporting a decline (10 per cent).

The full announcement is here.


ORIGINAL POST: Last big economic data release of the day: The January Philly Fed index comes out at 10:00 AM.

Analysts expect a 10.3 reading, which is right in line with last month’s reading.

Compared to other regional manufacturing surveys, Philly Fed tends to get a lot of attention.

We’ll be particularly interested in hiring intentions.