This morning's release of the Philly Fed Index came in at a level of 22.3, which was significantly ahead of the consensus forecast of 10.3. This morning's release was also the highest level since March 2011. Today's release was not only strong on the headline reading, but it was also strong in its internal readings.
As shown in the table above, all nine of the index's components also showed increases compared to last month's levels. Even more encouraging was the fact that the biggest gains came in Shipments (+22.1) and New Orders (+15.9). Like the overall index, the levels for these components were also at their highest levels since the spring of 2011.
Below are charts of each of the components for the Philly Fed. As shown, a lot of these components are seeing breakouts in their levels this month. That being said, the Philly Fed is a notoriously volatile survey that sees big month to month swings, making the charts look more like EKGs than anything else.