Philadelphia Federal Reserve’s Business Index Reaches Two-Year High
The latest report from the Philadelphia Federal Reserve showed that its business index reached a two-year high. This significant improvement was reflected in the index, which was at +3.2 in the prior period. While employment numbers saw a slight decrease from -9.6 to -10.7, new orders showed a substantial increase from +5.4 to +12.2, indicating stronger demand.
Prices paid surged to +23.0 from +3.7 in the previous report, while prices received also saw a slight increase from +4.6 to +5.5. Shipments and unfilled orders both showed improvement, with shipments increasing from +11.4 to +19.1 and unfilled orders increasing from +1.0 to +0.8