US July Philly Fed +13.9 vs +2.9 expected

• Prior was +1.3
• Six month index +38.7 vs +13.8 prior
• Capex +7.4 vs +12.1 prior
• Employment: +15.2 vs -2.5 prior
• New orders: +20.7 vs -2.2 prior
• Prices paid: +19.8 vs +22.5 prior
• Prices received: +24.2 vs +13.7 prior
• Shipments: +27.8 vs -7.2 prior
• Unfilled orders: +9.1 vs +8.9 prior
• Delivery times: +8.5 vs -9.4 prior
• Inventories: -9.4 vs -6.4 prior
• Avg employee workweek: -1.6 vs +4.8 prior

The July Philly Fed manufacturing report paints a much brighter picture than recent months, with activity expanding across most metrics. The rebound in new orders and shipments is particularly encouraging. While inflation pressures persist, the surge in the future activity index suggests manufacturers are becoming more optimistic about growth.

That said, this release is overshadowed by the initial jobless claims report released at the same time that shows a numb higher.

This article was written by Adam Button at www.forexlive.com.