Results from the June Manufacturing Business Outlook Survey suggest continued expansion of the region’s manufacturing sector. All the broad indicators remained positive, although the indicators for general activity and new orders fell notably. The firms continued to report higher prices for purchased inputs and their own manufactured goods. Expectations for the next six months continued to moderate but remain positive overall. Current Indicators Suggest Continuing Growth The diffusion index for current general activity remained positive but decreased 15 points this month (see Chart 1). Almost 37 percent of the ... (full story)

Philadelphia area business opimism just went full Keyser Soze... "And just like that, the soft-survey-driven recovery meme was gone..." While the real 'hard' economic data has been disappointing of late, 'soft' survey data has remained exuberantly hoping for a better future just around the corner. Well The Philly Fed Business Outlook survey just blew that up as it plunged from 34.4 to 19.9 (well below expectations of 29.0 and below even the lowest analysts' estimates). This is the biggest drop in the survey since Feb 2014 and it is now at its weakest since Nov 2016. New Orders collapsed... Average workweek tumbled, ... (full story)