said its new orders index “shot up” 25 points to 5.1. This was the highest reading since July 2022. The shipments index jumped 24.7 points to 12.4. Employment dipped 1.3 points to -2.7, but that is still the, with a number of measures that had been positive turning negative in September. The new orders index — which had been negative for 14 straight months prior to August — plunged from 16.0 last month to -10.2 this month. The shipments index fell nine points to -3.2 in September.
But Philly has been an outlier, turning in much better numbers than many of the others for nearly a year. So, its negative performance may not be indicative of a trend.will deliver its manufacturing index. The composite index was zero last month, up from -11 in July and -12 in June. The production index came in at 12, the first positive reading since March 2023 and only the second positive since September 2022. Shipments jumped 25 points to a positive reading of one from -24 in July.
the rebound of the manufacturing sector raises the question of how the Fed will react. This question deserves even more attention because of the strength in the demand indicators in the surveys; so, anything indicating rising demand could be a red flag for the Fed.monetary policy is no longer acting all that restrictively on the U.S. manufacturing sectorof the surveys provide.
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