Philly Fed data came in lower than expected this morning, at -0.7%.
That’s two negative numbers in a row.
That being said, the market is actually higher post-release.
Here’s the headlines from the release:
Results from the Business Outlook Survey suggest that regional manufacturing activity was nearly flat in September. For the second consecutive month, firms reported a decline
in both new orders and shipments. The general activity index increased to -0.7 from a reading of -7.7 in August.
Employment levels remained steady this month, but firms reported declines in average work hours.
The survey’s broad indicators of future activity continue to suggest that the region’s manufacturing executives expect growth in business over the next six months, but optimism remains below levels earlier in the year.
Last month, Philly Fed data came in disappointingly low, at a negative 7.7 for July when a positive 7 was expected.
So this number is an improvement on last month, but not much of an improvement at all.