Economy
Philadelphia Manufacturing Growth Improves in September
Written by Sandy Williams
September 15, 2016
Manufacturing activity improved in the Philadelphia area in September according to the latest manufacturing Business Outlook Survey by the Federal Reserve Bank of Philadelphia. General activity and new orders expanded, surprising economists who expected a flat reading for the month.
The headline index increased 11 points to 12.8, marking the first time the index has had two consecutive positive increases since August 2015. New orders rose from a reading of -7.2 to 1.4 in September, however, shipments declined from 8.4 to -8.8. Delivery times and unfilled orders remained in contraction.
The inventory index registered a sharp decline, falling from -9.2 in August to -26.2 in September.
Employment levels remained weak this month with a negative reading for the ninth consecutive month and further decreases in the average workweek.
Input prices remained unchanged for 71 percent of those surveyed but 23 percent indicated higher prices. The prices paid index rose one point to 20.6. The prices received by firms were relatively unchanged for most firms surveyed in September with the prices received index up 3 points to 9.7.
Firms are optimistic that business conditions will improve over the next six months despite a moderate index decline from 45.8 in August to 37.5 in September. Thirty-four percent of firms expect to expand employment in the next six months.
Sandy Williams
Read more from Sandy WilliamsLatest in Economy
Steel groups welcome passage of budget bill
Steel trade groups praised the passage of the Big Beautiful Bill (BBB) in Congress on Thursday.
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.