Philadelphia Federal Reserve’s Business Index Reaches Two-Year High: A Comprehensive Overview of Economic Conditions
Philadelphia Federal Reserve’s Business Index Reaches Two-Year High
The Philadelphia Federal Reserve’s business index reached a two-year high in the latest report. The index was at +3.2 in the prior period, showing a significant improvement. Employment numbers also saw a slight decrease from -9.6 to -10.7. However, new orders showed a substantial increase from +5.4 to +12.2, indicating stronger demand.
Inventories declined from +4.4 to -8.9, while average employee workweek saw a notable decrease from -0.2 to -18.7. Looking ahead, the six-month index declined from 38.6 to +34.3, but employment, new orders, shipments, prices paid and prices received all showed positive outlooks for the next six months.
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
