After a weaker than expected manufacturing report for the New York area earlier this week, this morning’s release of the Philly Fed Manufacturing report also came in modestly weaker than expected.  While economists were expecting the headline reading to rise to 9.0 from last month’s level of 6.3, the actual reading came in at 5.2.  This represents the third straight monthly decline after the index hit a 20-year high in November.

The table below breaks down this month’s report by each of its individual components.  Interestingly, as the headline index declined, seven of the nine components actually saw month/month increases this month.  The only two components that declined were Prices Paid and New Orders.  Components that saw the biggest gains on the month include Inventories, Unfilled Orders, and Shipments.  In the case of Inventories, the only other month where the component registered a higher reading was in August 1981!

Philly Fed Main Table 021915


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