USA: Unexpected rise in the “Philly Fed” index in August

Aug 18 (Reuters) – Business conditions in the Philadelphia area unexpectedly improved in August, the monthly survey from the local branch of the Federal Reserve showed on Thursday.

The Philly Fed Index rebounded to 6.2 from -12.3 in July as economists polled by Reuters had forecast a reading of -5.0.

The new orders component also improved, but remains negative, at -5.1 from -24.8 in July, as did the six-month outlook for activity which reached -10.6 after -18 .6 the previous month.

The employment sub-index stood at 24.1 against 19.4 in July and that of prices paid fell to 43.6 after 52.2. (Gdansk office)

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