Categories: Economy

Philadelphia Fed manufacturing index beat expectations in August

The Philadelphia branch of the US Federal Reserve (Fed) announced the manufacturing index data for August.

According to the bank’s survey results, the Philadelphia Fed’s manufacturing index rose to 12 in August, 25.5 points higher than the previous month. Market expectations were that the index would take the value of minus 10 in this period.

The index, which turned positive for the first time since August 2022, was at minus 13.5 in July.

The new orders index, which had been below zero for 14 consecutive months, rose 32 points to 16 in August and closed its negative series. The shipping index also increased by 18 points to 5.7.

In the indices compiled by the Philadelphia Fed, values above zero indicate expansion, while values below zero indicate contraction. (AA)

Source: Sozcu

Andrew

Andrew Dwight is an author and economy journalist who writes for 24 News Globe. He has a deep understanding of financial markets and a passion for analyzing economic trends and news. With a talent for breaking down complex economic concepts into easily understandable terms, Andrew has become a respected voice in the field of economics journalism.