(Federal Reserve Bank of Philadelphia) The diffusion index gauging manufacturing activity in Philadelphia fell to a reading of 21.9 in July from 30.7 in June as activity eased.
Firms reported an increase in current activity, shipments, and orders, suggesting an elevated growth amid a cooling manufacturing index.
Firms reported payroll adds despite the current employment index falling from 30.7 in June to 29.2 in July.
Companies reported rising price pressures, with the prices paid index down by 11 points to 69.7 this month from the 42-year high in June.
Firms remained optimistic of growth, with the index for future general activity down only 21 points to 48.6 from the almost 30-year reading in June.
Companies expect a 4% to 5% jump in wages and compensation in 2021.
SPY is down -0.40%, DXY is up +0.16%.
