Analysts at TD Securities note that the Philly Fed index surprised massively to the upside, posting a whopping jump to 21.8 up from 0.3 in June (mkt: 5.0).
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“Note that the index had registered a notable drop from 16.6 in May. So this level more than surpasses that recent high and now stands at its highest since July last year.”
“The details were also encouraging, with new orders jumping to 18.9 from 8.3, shipments to 24.9 from 16.6 and employment to 30 from 15.4. This led the ISM-adjusted measure to also leap to 59.7 in July from 55.8 before – its highest since May last year.”
“The Philly Fed’s together with the Empire report suggests some stabilization in the surveys for July, which could also be translated into a more positive ISM report.”
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