- Prior was +1.7
- New orders: 14.2 vs -1.5 prior
- Shipments: 7.4 vs -14.3 prior
- Unfilled orders: -1.5 vs -6.7 prior
- Delivery times: 10.2 vs -0.7 prior
- Inventories: 0.5 vs +5.0 prior
- Prices paid: 29.7 vs +34.0 prior
- Prices received: 17.9 vs +24.6 prior
- Employment: -2.2 vs +10.7 prior
- Average workweek: -11.8 vs -13.6 prior
- Six month index +36.7 vs +15.8 prior
The future outlook brightened considerably, with the six-month expectations index surging to 36.7 from 15.8. Notably, 52% of firms expect to increase capital spending next year, a significant improvement from last month’s survey.
While inflationary pressures persist, both price indexes edged lower, suggesting some relief in cost pressures. The labor market showed signs of cooling, with the employment index dipping into negative territory for the first time in several months.
The special question in the Philly Fed shows it’s a good time to be a technology vendor.