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July Philadelphia Fed Manufacturing Index Rises Much More Than Expected, Indicates Faster Expansion

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The Philadelphia Federal Reserve's monthly manufacturing index jumped to 41.4 in July after rising to 10.3 in June, compared with expectations for a much smaller increase to a reading of 12.5 in a survey compiled by Bloomberg as of 7:30 am ET.

The index indicates faster expansion and is the highest reading since November 2021

There were gains in the readings for new orders, shipments and employment.

The prices paid measure also increased, with nearly 54% of respondents still experiencing higher prices compared with none that reported paying lower prices.

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