2017 Economic Calendar
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Philadelphia Fed Business Outlook Survey  
Released On 8/17/2017 8:30:00 AM For Aug, 2017
PriorConsensusConsensus RangeActual
General Business Conditions Index - Level19.5 17.0 13.0  to 22.0 18.9 

Highlights
Factory sentiment has nowhere been stronger this year than in the Mid-Atlantic where the Philly Fed report has drained the dictionary of superlatives. The August index came in above expectations at 18.9 led by new orders at 20.4 with unfilled orders at 14.5 for the sharpest month-to-month build in nearly 25 years. Most readings in this report are back at or near their levels earlier in the year which were 35 year highs.

Shipments are strong, the workweek is up, hiring is brisk, deliveries times are getting delayed, and inventories are being drained. At least they are among this report's respondents who number may number no more than 200 in any month. This report has been on fire all year in contrast to definitive factory data from the government which has also been moving higher but to a much more limited degree.

Recent History Of This Indicator
Growth in the factory sector has been getting underway, well behind but still consistent at least in direction with the Philadelphia Fed index which has been showing exceptional strength since late last year. But new orders did show only marginal strength in the July report which is limiting Econoday's August consensus for the overall index, at 17.0 vs 19.5 in July.

Definition
The general conditions index from this business outlook survey is a diffusion index of manufacturing conditions within the Philadelphia Federal Reserve district. This survey, widely followed as an indicator of manufacturing sector trends, is correlated with the ISM manufacturing index and the index of industrial production.  Why Investors Care
 
[Chart]
The Philadelphia Fed''s business outlook survey is a good leading indicator for the index of industrial production. It is reported in the third week of the month and thus has a lead time of nearly three weeks.
Data Source: Haver Analytics
 
 

2017 Release Schedule
Released On: 1/192/163/164/205/186/157/208/179/2110/1911/1612/21
Release For: JanFebMarAprMayJunJulAugSepOctNovDec
 


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