Economy
Philadelphia Fed Manufacturing Survey Dips in July
Written by Sandy Williams
July 15, 2015
The Philadelphia Manufacturing Business Outlook Survey showed slower growth in business activity in July. The headline index dropped to 5.7 from 15.2 in June but remained positive for the month. The index has been in single digits so far this year with the exception of June.
New orders slipped eight points in July while the current shipments index fell 10 points from its six-month high in June. Both remained in positive territory. Unfilled orders and delivery times decreased in July indicating a decline in backlogs and faster delivery times.
The employment index also took a dive, dropping to -0.4. Respondents were evenly split on increases and decreases in employment.
Input prices were reported as higher in Jul, increasing for the second month and at its highest reading since October. Most respondents indicated prices received as steady (77 percent) with the percentage of those reporting higher prices slightly higher percentage than those reporting lower prices.
The future outlook improved slightly with the future general activity index rising 2 points to its highest reading since January. The index for future new orders increased 1 point while future shipments slipped 5 points after a 10 month high in June.
More 31 percent of respondents expect to increase their workforce in the next six months.
The Manufacturing Business Outlook Survey is published monthly by the Federal Reserve Bank of Philadelphia.
Sandy Williams
Read more from Sandy WilliamsLatest in Economy
Industry groups praise Senate for passing tax and budget bill
The Steel Manufacturers Association and the American Iron and Steel Institute applauded the tax provisions included in the Senate's tax and budget reconciliation bill.
Chicago PMI dips 0.1 points in June
The Chicago Purchasing Managers Index (PMI) slipped 0.1 points to 40.4 points, in June.
Multi-family pullback drives housing starts to 5-year low in May
US housing starts tumbled in May to a five-year low, according to figures recently released by the US Census Bureau.
Architecture firms still struggling, ABI data shows
Architecture firms reported a modest improvement in billings through May, yet business conditions remained soft, according to the latest Architecture Billings Index (ABI) release from the American Institute of Architects (AIA) and Deltek.
Manufacturing in New York state contracts again
However, companies are growing more optimistic about the future.