April 2021 Philadelphia Fed business outlook
- prior report
- new orders 36.0 versus 38.2 last month
- employment 30.8 versus 27.4 last month
- prices paid 69.1 versus 72.6 last month
- prices received 34.5 versus 30.2 last month
- Future index rises to 66.6 from 59.1 last month
- shipments 25.3 versus 22.0 last month
- unfilled orders 27.2 versus 19.3 last month
- delivery times 27.8 versus 28.2 last month
- inventory 17.3 versus 14.4 last month
- average employee workweek 29.8 versus 36.4 last month
- capital expenditures in the future increase to 36.7 from 33.8 last month
- new orders that six months down the road increase to 59.5 from 48.2 last month
- employment six months down the road increased to 55.7 from 46.5 last month
According to the Philadelphia Fed, firms continue to report price pressures from purchased inputs. Although the price paid index is down from a 40 year high last month, the index remains elevated at 69.1. Prices received the index is rose to 34.5 from 30.2 last month. That is more contained but one has to wonder if the price is paid will rollover into price increases going forward.
Firms remain positive about the future with the future general activity index rising a points to 66.6. That it is the highest reading since October 1991. 71% of firms expected increases in activity over the next six months while 4% expected declines. According to the Philadelphia Fed the new orders and shipments index for the future also increased by 11 and 10 points respectively, while the employment index also gained nine points. 56% of firms expected to increase employment over the next six months with hardly any firms expecting a decrease in employment. The futures capital spending index rose 3 points to 36.7.
