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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 Philly/Fed Index and why is it important? The Philly/Fed Index measures manufacturing activity in the Philadelphia area. While it measures only one area of the country, over the years it has been a leading index for manufacturing overall.
Why bother measuring the manufacturing sector? The main reason is that manufacturing accounts for 12% of our GDP. Growth in manufacturing indicates that orders are picking up. If orders are picking up, the next step is to hire more workers. Hiring more workers speeds the growth of our economy and at the same time puts unemployed persons back to work.
Continue reading Manufacturing in the Philadelphia area grows at a faster pace
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