FYI: After last month’s prints where the Empire Manufacturing and Philly Fed reports moved in separate directions, the June reports for both surveys converged with each other. Let’s start with the Empire Manufacturing report. In May’s report, the headline index dropped to negative territory for the first time since October, but in June it rebounded in a big way, rising to a level of 19.8 compared to expectations for a reading of 5.0. So how does that stack up? Relative to expectations, it was the biggest beat since October 2009. On its own, it was the best reading since September 2014, and in terms of m/m increases, it was the 2nd largest jump in the history of the survey (since 2001) trailing only May 2003. That’s pretty impressive!
Regards,
Ted
https://www.bespokepremium.com/think-big-blog/philly-fed-and-empire-manufacturing-converge/
