FYI: After just barely holding onto positive territory in June, sentiment in the manufacturing sector came booming back in the month of July. In Thursday's release of the July Philadelphia Fed Manufacturing report, overall sentiment surged from 0.3 up to 21.8. That's the highest reading for the index since July 2018, but more importantly, it was also the largest m/m gain for the index since June 2009. For some perspective, the last two times the headline index for the Philly Fed report showed a m/m increase of 20 points or more were in January 2012 (two months after the end of a recession) and in June 2009 (the month that recession ended). Surges like July's don't normally occur when the economy is on the cusp of a recession.
Regards,
Ted
https://www.bespokepremium.com/interactive/posts/think-big-blog/philly-fed-special
