U.S. ECONOMICS: Philly Fed Index Hits Highest Since Early 2011; Employment Input Slips
The U.S.Philadelphia Fed manufacturing index climbed 4.1 to 28.0 in August after popping up 6.1 points to 23.9 in July. This is the highest since the 34.7 from March 2011. However, the components were mixed despite the headline strength. The employment index slid to 9.1 from 12.2 (the latter was the best since October 2013). The work week edged up to 13.3 from 12.5. New orders more than halved to 14.7 from 34.2. Prices paid dropped to 24.9 from 34.7, while prices received crumbled to 4.2 from 16.8. The 6-month business conditions index surged to 66.4, however, from 58.1, with employment at 24.7 from 29.1, and capital expenditures at 17.5 from 18.9.
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