The latest release of the Philly Fed’s manufacturing survey absolutely crushed expectations on Thursday in another strong sentiment reading for the US economy.
The index registered a 43.3 for the month, soaring past economists’ expectations of 18.0, and leaping up from the 23.6 reading in January.
According to a tweet from Bespoke Investment Group, this is the highest reading for the index since 1984 and the biggest beat relative to expectations since 1998.
Overall, the data seems to indicate a huge leap for current activity as firms reported higher sales and shipments.
“The index for current new orders increased 12 points this month (with 44 per cent of the firms reporting increases and just 6 per cent reporting decreases),” said the release from the Philly Fed. “The shipments index increased 8 points. Other broad indicators also corroborate growth.”
Additionally, 15% of firms reported an increase in hiring for the month, while only 4% reported a decrease.