With New York and Pennsylvania sharing about 400 miles of border with each other, one would expect that the monthly New York and Philadelphia Fed reports would show similar scenarios regarding activity. To check this, we compared the different aspects of each report to see where they were similar and where they differed. As shown in the charts, the General Business Conditions for both NY and Philadelphia have consistently tracked each other and continue to do so. For the most part, this has also been the case with each of the subcomponents. However, in this months report we did see what could be the beginning of some minor divergences.
With respect to Delivery Times, this month we saw a notable increase in the NY survey, while the Philadelphia survey declined. We also saw similar divergences between Prices Paid and Average Workweek. Only time will tell whether or not these divergences are one month blips or the beginning of a trend, but they bear watching.