August Philadelphia Fed Index jumped to 12.0 (consensus -9.0) from -13.5 in July with indicators for general activity, new orders, and shipments all positive for the first time since May 2022. A number above 0.0 for this series is indicative of an expansion in manufacturing activity in the region.
The future indexes for this survey, however, pointed to less widespread expectations for growth over the next six months, as the diffusion index for general business activity slid to 3.9 from 29.1 in July.
Treasury yields didn’t move that much after the data.
The 2-yr note yield is down three basis points to 4.94% and the 10-yr note yield is up two basis points to 4.28%.