Thursday, November 18, 2010

It's Always Sunny in Philadelphia

Solid news out of Flip-Flip-Flipadelpia.

Forex Pros details:

Manufacturing activity in Philadelphia increased significantly more-than-expected in November, rising to the highest level since February, official data showed on Thursday.

In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index rose to 22.0 in November, after rising to 1.0 in October.

Analysts had expected the index to rise to 4.5 in November.

The report said that all of the survey's broad indicators of economic performance showed improvement from their reading in October, and firms reported an increase in employment and work hours.
Survey Results

Survey Results of 6 Month Forecast

Source: Philly Fed


  1. As always, interesting work, Jake.

    My first thought was "are they prescient?"

    This would be more of a job for John Hussman's Market Commentary, and is what ECRI makes a business out of, but it'd be interesting to see historical FRB survey indices (Philly, NY, particularly 6-mo forward) shown against actual GDP and/or SP500/Wil5000 results from the trailing 6 months.

    I.e. Empire wasn't pretty, Philly beats expectation - which one, or others, forecasts better?

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