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We received the Philly Fed manufacturing index results for November. The survey covers the Pennsylvania, New Jersey, and Delaware regions.
The index experienced a slight uptick of 3.1 points, though it stayed in the negative at -5.9 for November 2023, outperforming the anticipated -9 forecast. This marks the 16th time in a year and a half that the index has registered below zero. While the new orders index saw a minor decrease to 1.3, it remains within the expansion zone. In contrast, the current shipments index declined, dropping from 10.8 to -17.9. Employment levels held relatively steady despite the employment index dipping slightly to 0.8, indicating slight continued expansion. The prices paid index also fell to 14.8, maintaining expansion, with the prices received index staying constant at 14.8.
Firms' six-month growth outlooks are tempered, reflecting modest expectations. This is understandable when, outside of two positive reports, the index has been below zero for four and a half quarters.
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