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The Philadelphia Fed business outlook for December 21.5 vs 9.1 estimate

Last month came in at 7.6

The Philly Fed Business outlook is much stronger than expectations rising to 21.5 from 9.1 and 7.6 last month. The index is the highest since Nov. 2014. Strong number.

Price paid is the highest since Feb 2012.

  • prices paid 29.4 versus 27.5
  • prices received 5.8 versus 16.0
  • new orders 13.9 versus 18.6
  • shipments 22.0 versus 19.5
  • unfilled orders 5.7 versus 4.1
  • delivery time 7.6 versus 6.1
  • inventories 1.1 versus 13.4
  • number of employees 6.4 versus -2.6
  • average workweek at 9.8 versus 7.4

Below is a more detailed review:

  • The index for current manufacturing activity in the region increased from a reading of 7.6 in November to 21.5 this month.
  • Nearly 34 percent of the firms reported increases in activity this month, compared with 24 percent last month.
  • The general activity index has remained positive for five consecutive months, and the activity index reading was the highest since November 2014 .
  • The current new orders and shipments indexes remained positive, reflecting continued growth.
  • The shipments index increased 3 points, while the new orders index fell 5 points.
  • Both the delivery times and unfilled orders indexes were positive for the second consecutive month, suggesting longer delivery times and an increase in unfilled orders.
  • Firms reported an increase in manufacturing employment and work hours this month. The percentage of firms reporting an increase in employment (17 percent) exceeded the percentage reporting a decrease (11 percent). The current employment index improved 9 points, its first positive reading in 12 months.
  • Firms also reported an increase in work hours this month: The average workweek index, which increased 2 points, has now been positive for two consecutive months.

  • Firms reported increases in the prices paid for inputs. The prices paid index increased 2 points following a 21 point increase last month .
  • Thirty percent of the firms reported higher input prices this month. Most firms (66 percent), however, reported that input prices were unchanged.
  • With respect to prices received for firms' own manufactured goods, the percentage of firms reporting higher prices (16 percent) remained higher than the percentage reporting lower prices (10 percent), but the index for current prices received fell 10 points.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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