Philly Fed business index

• Prior was +5.2
• Employment: -9.6 vs -10.3 prior
• New orders: +5.4 vs -5.2 prior
• Prices paid: +3.7 vs +16.6 prior
• Prices received: +4.6 vs +6.2 prior
• Shipments: +11.4 vs +10.7 prior
• Unfilled orders: +1.0 vs -11.7 prior
• Delivery times: -16.7 vs -21.1 prior
• Inventories: +4.4 vs -2.8 prior
• Avg employee workweek: -0.2 vs +1.4 prior
• Full release

Look ahead indicators:

• Six month index: +38.6 vs +7.2 prior
• Employment: +5.8 vs +4.9 prior
• New orders: +49.9 vs +24.2 prior
• Shipments: +43.6 vs +26.7 prior
• Prices paid: +38.0 vs +41.4 prior
• Prices received: +37.1 vs +29.9 prior

The Philly Fed six-month ahead index jumped to the highest since 2021 at +38.6 vs +7.2 prior. That means half of the firms expect
an increase in activity over the next six months, exceeding
the 11 percent that expect a decrease; 34 percent expect no
change.

This was an interesting special question and highlights ongoing problems with labor supply but some optimism it will improve.