Source: ForexYard
The Philly Fed Manufacturing Index for October, published yesterday afternoon, revealed a strong upturn in manufacturing output for Pennsylvania. The forecast for yesterday’s report was for a negative reading of -9.0, but actual results came in at positive 8.7.
The turnaround from contraction in Philadelphia manufacturing to optimistic surge suggests a widening level of optimism in consumer demand, rising inflation, and transportation costs for raw materials with crude oil prices also holding steady. The index highlights an impending speed-up over the winter months and a likely better-than-forecast fourth quarter for manufacturing and industry.
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