Philly Fed Index shows strong December improvement
Tom Paine
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The Philly Fed general economic index rose sharply in December, surprising many forecasters. The Business Outlook Survey’s broadest measure of manufacturing conditions, the diffusion index of current activity, increased from a reading of ‑10.7 in November to 8.1 this month. A positive index number generally indicates expansion. The median forecast of economists surveyed by Bloomberg called for an improvement to -3 from November's reading, which was negatively impacted by Sandy.
To some degree, the extent of the December pickup may reflect a snapback from the most difficult period of recovery from Sandy. The survey’s future indicators suggest improved optimism among reporting manufacturers for the next six months. In New York, however, the Empire State index continued to be in negative territory.
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