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The Philly Fed index measures manufacturing activity in Pennsylvania, New Jersey and Delaware It climbed to 20.4 from 16.7 in November, the highest since April 2005. The Philly Fed employment index rose to 6.3 from a minus .5, the highest level since October 2007.
Gains in new orders slowed In December, pointing to less demand in early 2010. This trend is normal after the holiday season.
What is the Philadelphia Federal Reserve index? First we should say that the Philly Fed Index, as it is called, measures business activity for the Mid-Atlantic region. During the recent financial crisis, the index has been solidly in the minus column with a reading of -22.6 in May and a median forecast of -17.0. Minus readings indicate a contraction in business activity, while plus readings indicate that business activity is picking up.
Surprise! The most recent reading came in at -2.2. While this is still a minus reading, its a big jump from the consensus reading of the median -17.0. This means that, while business activity is still weak, it is picking up at a more rapid pace than analysts had expected.
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