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Today's monthly manufacturing report from the Philadelphia Fed came in better than expected (19.8 vs. 12.5) and hit its highest level since March 2011. As shown in the table below, of the nine individual components, the biggest improvements came from Number of Employees (+13.1) and Shipments (+10.2), while the largest declines came in Inventories (-15.0) and Prices Received (-7.6).

While the Philly Fed report has a tendency to be volatile, if this month's increase is not reversed next month, it would represent a significant breakout for this indicator.

(click to enlarge)

Source: It's Sunny In Philadelphia