The Philly Fed's regional economic survey

Philly Fed index
  • Prior was 30.7
  • New orders 30.8 versus 15.9 prior
  • Employment 30.7 versus 26.3 prior
  • Avg workweek 27.8 vs 29.3 prior
  • Capex 32.4 vs 23.6 prior
  • Prices paid 70.3 versus 67.3 prior
  • Future activity 24.2 vs 20.0 prior
  • Delivery times 32.2 vs 20.4 prior
  • Full report (pdf)

A dip isn't a sign of a slowdown after it jumped to 30.7 from 18.8 last month. It's just noise with the index reflecting solid demand, rising prices and a difficulty finding workers. The rise in capex intentions is a good sign for longer-term growth.

The market is focused on pricing at the moment but you can see signs of a topping out in pressures in the survey.

Philly Fed prices