Philly Fed manufacturing index rebounds sharply in September

(Sharecast News) - Manufacturing activity in the Philadelphia region rebounded sharply in September, with the Fed's regional index rising to +23.2 from -0.3 in August - its strongest reading since January and well ahead of consensus forecasts for a modest uptick to 2.3. According to the Philadelphia Federal Reserve, the new orders index climbed 14 points to 12.4, while the shipments index jumped 22 points to 26.1, signalling renewed momentum across the sector.

Employment conditions remained broadly stable in September, with the employment index edging down slightly to 5.6 from 5.9 in August, continuing to reflect modest gains. The average workweek index rose to 14.9 from 4.7, suggesting a pickup in hours worked.

Price pressures moderated but remained elevated, with the prices paid index falling to 46.8 from 66.8 and the prices received index easing to 18.8 from 36.1.



Reporting by Iain Gilbert at Sharecast.com