The headline Diffusion Index of the Federal Reserve Bank of Philadelphia’s Manufacturing Business Outlook Survey improved surged to 27.5 in June from -43.1 in May. This print came in much higher than the market expectation of -23.
Key takeaways
“The current new orders index increased 42 points to 16.7, while the shipments index rose 56 points to 25.3.”
“The firms continued to report decreases in employment on balance; however, the employment index increased 11 points.”
“The diffusion index for future general activity increased 17 points from its May reading, reaching its highest level in nearly 30 years.”
“Responses to the June Manufacturing Business Outlook Survey suggest improvement in regional manufacturing conditions compared with last month.”
Market reaction
The US Dollar Index paid little to no mind to this data and was last seen gaining 0.2% on the day at 97.28.
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