Philly FED Non-Manufacturing Shows Recovery This Month
Philadelphia FED non-manufacturing made a strong reversal this month
Skerdian Meta•Wednesday, June 24, 2020•1 min read
The manufacturing and services sector fell into the deepest contraction ever during the last few months in the US, same as around the globe. Philadelphia FED non-manufacturing index also showed that this sector fell down the hole.
But, it is making a remarkable reversal this month as business activity climbed from -68 points to -3.6 points. Below is the report for June:
Philadelphia FED Non-Manufacturing Index for June 2020
- Philly FED business activity index -3.6 in June vs. -68.6 in May
- Full-time employment index my 13.3 in June vs. -23.4 in May
- New orders index -12.6 in June vs. -32.4 in May
- Wage and benefit costs index -3.5 in June vs. -14.9 in May
- Firm level business activity index 7.3 in June vs. -41.4 in May
Business activity is not yet out of the woods, but it’s close to it, while full time employment is increasing. New orders and wage costs also improved but they are still negative. However, the firm level activity has turned positive, so the other sub-components should turn negative as well next month. FED’s Bullard was also speaking on Bloomberg a while ago:
FED’s Bullard Speaking on Bloomberg TV
- Fed has deployed a lot of tools in virus response
- More questions than answers around yield curve control
- Fed is providing great forward guidance a moment
- Keep an eye on asset bubble risks
- Not seeing risk on a scale of tech bubble or mid to thousands
- Fed retains credibility around its 2% inflation goal
- Shutdown creates questions on inflation measurement
- Markets have probably priced in the bank dividend move
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Skerdian Meta
Lead Analyst
Skerdian Meta Lead Analyst.
Skerdian is a professional Forex trader and a market analyst. He has been actively engaged in market analysis for the past 11 years. Before becoming our head analyst, Skerdian served as a trader and market analyst in Saxo Bank's local branch, Aksioner. Skerdian specialized in experimenting with developing models and hands-on trading. Skerdian has a masters degree in finance and investment.
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