Details of the August Philadelphia-area manufacturing survey:

  • Prior was +5.7
  • New orders +5.8 vs +7.1 prior
  • Prices paid +6.2 vs +20.2 prior
  • Employment +5.3 vs -0.4 prior
  • Six-month business conditions +8.3 vs +5.7 prior

The market was likely priced below the consensus after a dreadful Empire Fed on Monday. This result should cool some nerves.

The US dollar, however, isn't getting much of a lift. Part of that might be the fall in the prices paid component.