The manufacturing survey from the Philly Fed

  • Prior was -2.9
  • 6 month index 45.8 vs 33.7 prior
  • Capex 19.2 vs 15.1
  • Employment -20.0 vs -1.6 prior (worst this year)
  • Prices paid 19.7 vs 9.9 prior
  • New orders -7.2 vs +11.8
  • Full text of the release

The details are volatile. The drops in employment and new orders are a worry but better capex and inflation tend to balance it out.

"Firms responding to the Manufacturing Business Outlook Survey suggest that growth was positive but tenuous this month," the report said. "The current new orders index dropped significantly from a reading of 11.8 in July to -7.2 in August. The percentage of firms reporting an increase in new orders (27 percent) was less than 1 point lower than last month; however, the percentage of firms reporting a decrease (34 percent) was 18 points higher than last month."