The Philly Fed Index came in at expectations this morning, at 1.0.
Last month, the index disappointed, notching a negative 0.07.
This isn’t that much of an improvement, but optimism is up amongst executives. The employment situation doesn’t seem to be improving, however.
Markets have moved slightly lower on the news, though still remain positive:
- Dow up 0.59%
- S&P 500 up 0.54%
- NASDAQ up 0.61%
From the full release:
Results from the Business Outlook Survey suggest that regional manufacturing activity was steady in October. Although the broad survey measures showed marginal improvement this month, the new orders index continued to suggest weak demand for manufactured goods. The general activity index increased to 1.0 from a reading of -0.07 in September.
Firms reported near steady employment again this month, but lower average work hours for existing employees.
The survey’s broad indicators of future activity suggest that optimism among the region’s manufacturing executives improved notably this month.