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Philadelphia Fed manufacturing index drops in April, in line with healthy manufacturing output growth

The Philadelphia Fed manufacturing index for the month of April dropped to 22 from 32.8 in March and 43.3 in February. The reversal of the index in April is characterized as coming back to reality, stated Barclays in a research report. However, a reading of 22 is considered quite high by historical standards. The weak data, be it business and consumer sentiment surveys or the regional manufacturing indices, had risen sharply since November 2016 that suggested some inconsistency with the underlying momentum in hard data, noted Barclays.

The hard data for the first quarter continued to show weak growth, while some of the buoyance in the soft data was expected to be reversed, said Barclays. Prices paid mainly led to the decline. Prices dropped fell to 33.7 from 40.7, while new orders and shipments dropped by similar magnitudes. Shipments and new orders also added to the overall decline that fell to 23.4 and 27.4 respectively.

On the contrary, the index for employment continued with its improvement, rising from17.5 in March to 19.9 in April. The employment index has steadily rebounded after bottoming at -4.1 in November ad October of 2016.

Overall, in Philly Fed manufacturing index stays in line with a healthy growth in manufacturing output in the region. Moreover, the slowdown in recent months appears less severe when general business conditions are indicated on an ISM-adjusted basis, added Barclays.

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Fintech Week Chicago

April 28 21:00 UTC Released

MXFiscal Balance (Pesos)*

Actual

340.61 bln MXN

Forecast

Previous

-1.93 bln MXN

April 28 21:00 UTC Released

CNFiscal Balance (Pesos)*

Actual

340.61 bln MXN

Forecast

Previous

-1.93 bln MXN

April 30 01:00 UTC 570570m

CNNBS Non-Mfg PMI*

Actual

Forecast

Previous

55.10 %

April 30 01:00 UTC 570570m

CNNBS Manufacturing PMI*

Actual

Forecast

51.6 bln $

Previous

51.8 bln $

April 30 23:30 UTC 19201920m

AUAIG Manufacturing Index

Actual

Forecast

Previous

57.5 %

May 1 00:00 UTC 19501950m

KRExport Growth Prelim*

Actual

Forecast

15.3 %

Previous

13.6 %

May 1 00:00 UTC 19501950m

KRImport Growth Prelim*

Actual

Forecast

21.0 %

Previous

27.7 %

May 1 00:00 UTC 19501950m

KRTrade Balance Prelim*

Actual

Forecast

Previous

6.27 bln $

May 1 00:30 UTC 19801980m

USNikkei Mfg PMI

Actual

Forecast

Previous

52.8 %

May 1 00:30 UTC 19801980m

JPNikkei Mfg PMI

Actual

Forecast

Previous

52.8 bln $

Fintech Week Chicago
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