The Philadelphia Fed Regional Manufacturing Index surged again this month but remains below two higher recovery highs.
51.3 percent of business say “general business activity is better than last month”. 35.5% report no change, while 12.5% of businesses assess they are worse off than last month.
This leads to a diffusion index score of 38.8.
By how much are things improving? No one knows. The survey does not even ask.
Note that a net 33.7% of firms say input prices are rising while only a net 16.6% of firms say they are receiving more for their manufactured products. How much more are input prices rising than output prices?
Once again, No one knows. The survey does not even ask.
Mike “Mish” Shedlock