Replies to post #193548 on Zeev's Turnips Patch-No Politics (ZEEV)

[Sherlock356]

A nice meaty bone? Philly Fed Business Index Rises Strongly:
Philadelphia Fed's business index rises to 38.8 in January, up strongly from 30.3 last month and above estimates of 30.0. But employment index dips, as do new orders. Philly Fed sees "notable improvement" in manufacturing hiring.

"There has been a notable improvement in manufacturing employment at the firms in our survey over the past two months," the bank said. "Although the current employment index fell from 19.4 in December to 17.5 this month, these are the highest readings since October 1988."

The Philadelphia Fed report follows a similarly strong release from the Federal Reserve Bank of New York Thursday. That bank reported a ninth straight month of growth in its Empire State manufacturing index, hitting a record high for January. The New York Fed's index also showed improvement in factory payrolls.


According to the latest Blue Chip Economic Indicators poll, economists see 2004 growth hitting its best mark in 19 years, at a gain of around 4.6%. Manufacturing, which began to come back to life late in 2003, is expected to make a notable contribution to that growth, in part aided by a weakening dollar, which makes U.S. goods more affordable to foreign customers.