The Philly Fed Manufacturing index is a regional version of the ISM manufacturing index, where purchasing managers from the Philadelphia area are asked to review future business conditions in the form of a survey. The Core Durable Goods report for January significantly outstripped expectations, rising almost 2% on an expected 0.2% rise. The Philadelphia area has struggled to grow its manufacturing industry, with the sector contracting continuously since September of last year. However, improvements are expected for February.
Trading event
Philly Fed Manufacturing Index
Today 1230 GMT
Investor Notes:
- The Philly Fed Index is set to rise to -1.4 points from -2.8 points for February representing an improvement in manufacturing activity for the month.
- ISM Manufacturing PMI beat expectations at 49.5 in February, representing the fourth month of contraction.
- Industrial output rose by almost 1% in January, representing the first increase in 8 months.
