The Philadelphia Fed Manufacturing index for current general activity jumped 21.5 points from a month earlier to 21.8 in July 2019, the highest in a year, easily beating market consensus of 5.0. New orders and shipments increased at a faster pace while employment growth was the strongest since October 2017. Also, the average workweek index hit a 14-month high. On the price front, the prices paid and prices received indexes both increased this month but remained well below their readings over the past few years. Looking ahead, optimism about growth for the next six months improved to its highest since May 2018. Philadelphia Fed Manufacturing Index in the United States averaged 9.11 Index Points from 1968 until 2019, reaching an all time high of 58.50 Index Points in March of 1973 and a record low of -57.90 Index Points in December of 1974.
Philadelphia Fed Manufacturing Index in the United States is expected to be 10.00 Index Points by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Philadelphia Fed Manufacturing Index in the United States to stand at 14.00 in 12 months time. In the long-term, the United States Philadelphia Fed Manufacturing Index is projected to trend around 5.00 Index Points in 2020, according to our econometric models.