Philly Fed Index Jumps Much More Than Expected In October

The Federal Reserve Bank of Philadelphia released a report on Thursday showing regional manufacturing activity has expanded overall in the month of October.

The Philly Fed said its diffusion index for current general activity jumped to 10.3 in October from 1.7 in September, with a positive reading indicating growth. Economists had expected the index to inch up to 3.0.

The much bigger than expected increase by the headline index partly reflected turnarounds by new orders and shipments.

The new orders index surged to a positive 14.2 in October from a negative 1.5 in September, while the shipments index spiked to a positive 7.4 in October from a negative 14.3 in September.

Meanwhile, the report showed a downturn by employment, as the numbers of employees index tumbled to a negative 2.2 in October from a positive 10.7 in September.

The Philly Fed also said the prices paid index fell to 29.7 in October from 34.0 in September, while the prices received index decreased to 17.9 in October from 24.6 in September.

Looking ahead, the Philly Fed said expectations for growth over the next six months were more widespread this month, as the diffusion index for future general activity surged to 36.7 in October from 15.8 in September.

The Federal Reserve Bank of New York released a separate report on Tuesday showing regional manufacturing activity returned to contraction in the month of October.

The New York Fed said its general business conditions index dove to a negative 11.9 in October from a positive 11.5 in September, with a negative reading indicating contraction. Economists had expected the index to decrease to a positive 2.3.

Euro vs CHF (FX:EURCHF)
외환 차트
부터 10월(10) 2024 으로 11월(11) 2024