Philly Fed Disputes New York Fed, Says Manufacturing Is Expanding

philadelphia PA (wiki)

While Ohio is rusting away, and the New York Fed is saying it sees a backslide, Philadelphia sees an outlook of booming economic times, driven in part through the manufacturing sector.

One can only dream that said manufacturing includes cheesesteaks:

Federal Reserve Board: Activity in the region’s manufacturing sector is expanding, according to firms polled for December’s Business Outlook Survey. Indexes for general activity, new orders, and shipments all remained positive this month. Indicative of improvement, the overall level of employment and average work hours among reporting firms increased this month. The general activity index increased to 20.4 this month from 16.7 in November.

In this month’s special questions, firms were asked about their expectations for changes in various categories of input and labour costs for the coming year. Similar to responses in previous years, the largest annual increase is expected to be for health benefits (8.6 per cent). In contrast, other labour costs (wages and non-health-care costs) are expected to rise only 1.3 and 1.6 per cent, respectively.

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