PhillyFedManufacturingSurveyindicatesSolidExpansioninSeptember
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Note: I’ll have more on existing home sales later. This was released earlier this morning …

From the Philly Fed: SeptemberManufacturingSurvey

ManufacturingactivitypickedupinSeptember, according to firms responding to this month’s Business Outlook Survey. The survey’s broadest indicators for general activity, new orders, shipments, and employment were all positive and higher than in August. The survey’s indicators of future activity were significantly higher, suggesting improved optimism about growth over the next six months.

The survey’s broadest measure of manufacturing conditions, thediffusionindexofcurrentactivity, increasedfrom 9.3 inAugustto 22.3 thismonth. The index has now been positive for four consecutive months and is at its highestreadingsinceMarch 2011. … The demand for manufactured goods, as measured by the current new ordersindex, increased 16 points, to 21.2.

Labor market indicators showed improvement this month. Thecurrentemploymentindexincreased 7 points, to 10.3, itshighestreadingsinceApriloflastyear.

emphasis added

This was above the consensus forecast of a reading of 10.0 for September.
Click on graph for larger image.

Here is a graph comparing the regional Fed surveys and the ISM manufacturing index. The dashed green line is an average of the NY Fed (Empire State) and Philly Fed surveys through September. The ISM and total Fed surveys are through August.

The average of the Empire State and Philly Fed surveys has been positive for four consecutive months and near the high for the last 2+ years. This suggests further solid expansion in the ISM report for September.

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