Friday, December 18, 2009

Philadelphia Fed Increases

The Philadelphia Federal Reserve's Manufacturing survey increased this from from 16.7 to 20.4.

Here's a chart of the data:

Click for a larger image.

Note the number has increased for most of the year, rising from a reading a ~(-40) to it's current reading of 20. However, also note that on the future expectation's chart we see a decline in the future expectation's index. However, note we saw a similar pattern after the last recession when optimism jumped at the beginning of the expansion but waned throughout the recovery. This time we are seeing that decrease happen quickly which is a concern.

Also of note: the employment index showed net hiring for the first time since late 2007.