FYI: After just barely breaking an 18-month streak of readings above +20 last month, the Philadelphia Fed Manufacturing report rebounded more than expected in July, rising from 19.9 up to 25.7 compared to consensus forecasts for a reading of 21.5. With this month’s reading, the Philly Fed reading of General Business Conditions has now been above +10 for 20 months as well as in every month since the 2016 election. The only other period since 1980 where the index was above +10 for a longer period of time was in the 21-month stretch ending in April 2005.
Regards,
Ted
https://www.bespokepremium.com/think-big-blog/philly-rebounds/
