Philadelphia Fed’s manufacturing index drops in November

The Philadelphia Fed’s manufacturing index dropped in November to 22.7 from October’s 27.9, widely consistent with consensus expectations of 24.6. Within the subcomponents, prices paid rose modestly higher to 39 from 38.1 and new orders rose to 21.4 from 19.6. Meanwhile, shipments dropped from 24.4 to 21.7, while employment dropped from 30.6 to 22.6.

“Altogether, we take little negative signal from the lower November reading as it remains in line with the six-month average at 23.4”, noted Barclays in a research report.

On an ISM-adjusted basis, the print is in line with a reading of 57. The bulk of the regional and national PMI data is continuing to hint at strong manufacturing production in the U.S., added Barclays.

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