PHILLY FED CRUSHES EXPECTATIONS, HIGHEST READING SINCE MARCH 2011

The latest manufacturing report from the Philadelphia Federal Reserve came in at 23.9.

Economists were looking for a reading of 16.0, below last month’s 17.8 reading.

The prices paid index, which gained 12 points last month, was little changed from June.

The report also indicated that labour market conditions are improving. From the report, “The current indicators for labour market conditions also suggest improved conditions this month. The employment index remained positive, and, although it increased less than 1 point, it has improved for four consecutive months.”

The survey’s broad indicators of future growth improved again this month, and the future general activity index is at its highest reading since last October.

This chart from the Philly Fed shows improvement in 7 of the survey’s 9 subindices.

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