FYI: Today’s report on manufacturing activity in the Philadelphia region showed a nice rebound from May’s reading, rising from 6.7 up to 15.2 and ahead of consensus expectations for a reading of 8.0. Just to highlight how uncommon better than expected readings in this indicator have been, this month’s report was only the second better than expected report of the year. While June’s headline reading was the best level of the year, as shown in the chart below, it is still well off its highs from late last year.
Regards,
Ted
https://www.bespokepremium.com/think-big-blog/philly-fed-surpasses-expectations/
