Philly Fed Surpasses Expectations
Thursday, October 18, 2012 at 10:33AM 
Today's release of the Philly Fed for October came in stronger than expected (5.7 vs 1.0) and was also the best reading since April. While the overall headline number was positive, the internal components of the report were mixed. As shown in the table to the right, of the nine subcomponents, only three were positive, and they all had to do with Prices and Inventories. Measures of economic growth like New Orders, Shipments, Number of Employees, and Average Workweek all remain negative.
The charts below (and on the following link) compare the current readings of the headline and subsector readings for the Philly Fed and the Empire Manufacturing (released earlier this week) reports. For the last couple of months, we have been noting the disparity between the reading in both the headline and many of the subsector readings. Even though the two regions border each other, the two surveys are telling different stories about their respective regions. Click here for comparison charts of each subsector.
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