It has been a positive day for economic data today as all three major indicators released topped expectations. One of the better-than-expected reports was the Philly Fed Manufacturing Index, which rebounded after three straight months of declines. While economists were forecasting the headline print to come in at a level of 17.1, the actual reading came in at 23.8.
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Looking at the components of the September report, the internals were generally strong. As shown in the table below, seven of the nine components showed sequential increases while the two employment-related categories were the only ones that were down. The biggest increase on the month was Prices Paid (13.3), followed by Prices Received (9.3), New Orders (9.1), and Shipments (8.4). One notable category was Unfilled Orders. At a level of +17.0, the component registered its highest level since August 1983 (chart below)! All in all, a good report.