The Philadelphia Fed manufacturing index rose to 10.3 in June, above the 10.0 estimate, with prices paid jumping and new orders climbing. The report is the latest to show sticky inflation.
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The Philadelphia Federal Reserve's manufacturing index came in at 10.3 for June, above the 10.0 consensus estimate. The headline reading signals expansion in the region's factory sector, with several subcomponents moving higher.
New orders, shipments, unfilled orders, and inventories all rose from the prior month. Delivery times lengthened. The prices paid index jumped. Employment improved, though the average workweek declined.
The survey covers manufacturers in the Third Federal Reserve District, which includes eastern Pennsylvania, southern New Jersey, and Delaware. It is one of the earliest monthly reads on U.S. factory activity and is often used as a leading indicator for the national ISM Manufacturing Index.
For currency markets, a stronger-than-expected reading with rising price pressures tends to support the dollar. The data adds to the case for the Federal Reserve to hold interest rates at current levels, as inflation in the goods sector shows little sign of easing.
The survey is released monthly. The July reading is due in late July.
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