(Kitco News) - Steps to further end strict lockdown measures is helping to boost manufacturing sentiment within the Philadelphia region according to the latest report from the Philadelphia Federal Reserve.
The regional central bank said that its manufacturing business outlook increased to a reading of 24.1 in July following June’s increase to 27.5. The data significantly beat expectations as consensus forecasts were calling for a reading around 20.
“The survey’s current indicators for general activity, new orders, and shipments showed positive readings for the second consecutive month, coinciding with the phased reopening of the economy in our region,” the report said.
Looking at the components of the report, the index for new orders rose from 23.0. from June’s reading of 16.7. Meanwhile, the current shipments index fell 10 points to 15.3 in July.
The report also noted rising momentum in the labor market with the employment index rising to 20.1 this month, its highest reading since October.
“The employment index reached positive territory for the first time since March,” the report said.
Although the manufacturing sector is seeing renewed momentum, the latest economic data are having little impact on gold prices. Although down on the day, gold prices are still holding initial support above $1,800 an ounce. Spot gold on Kitco.com last traded at $1,804.90 an ounce, down 0.31% on the day
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July 16, 2020 at 07:53PM
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Philly Fed Survey sees continued improvement in regional manufacturing sector - Kitco NEWS
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