EmailEconomic
Last Update: 19-Apr-12 10:40 ET
Philadelphia Fed
Highlights
- Manufacturing activity slowed in the Philadelphia Fed region as the Philadelphia Fed’s Business Outlook fell from 12.5 in March to 8.5 in April. The Briefing.com consensus expected the index to slip to 10.3.
Key Factors
- The orders data were mixed. New orders growth slowed as the respective index dipped from 3.3 in March to 2.7 in April. At the same time, order backlogs spiked from -11.0 to 3.2.
- The gain in backlogs is a reason why shipments slowed (2.8 from 3.5) in April. The gain in backlogs could support stronger shipments in May, however, if new orders continue to trend lower.
- Payrolls were strong as the index for the number of employees jumped from 6.8 in March to 17.9 in April.
Big Picture
- Raw data available at: http://www.phil.frb.org
| Category | APR | MAR | FEB | JAN | DEC |
|---|---|---|---|---|---|
| Total Index | 8.5 | 12.5 | 10.2 | 7.3 | 6.8 |
| 6-month Outlook | 33.8 | 32.9 | 33.3 | 49.0 | 40.0 |
