Research >> Economics
Philadelphia Fed April Outlook Suggest Continued Growth
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The expansion of the region's manufacturing sector is continuing, according to firms polled for this month's Business Outlook Survey. The broadest survey measures remained positive this month, with measures of general activity and new orders showing a slight improvement from March. More firms reported higher input prices this month, but prices for manufactured goods remained nearly steady. The survey's broad indicators of future activity continued to suggest that the region's manufacturing executives expect business activity to increase over the next six months.
Indicators Suggest Continued Growth
The survey's broadest measure of manufacturing conditions, the index of current activity, increased from a reading of 18.9 in March to 20.2 this month. The index has now increased for three consecutive months and remained positive for eight consecutive months. Although still positive and suggesting growth, indexes for new orders and shipments showed a mixed pattern this month. The new orders index increased 5 points, while the shipments index fell 8 points. The current inventory index increased 13 points and has now recorded positive readings in two of the last three months.
Firms' responses continue to suggest that labor market conditions are improving. For the fifth consecutive month, the percentage of firms reporting an increase in employment (24 percent) was higher than the percentage reporting declines (17 percent). The workweek index was essentially unchanged and has now remained positive for six consecutive months.
Posted: April 15, 2010 Thursday 10:00 AM