Philadelphia Fed’s manufacturing index rises in April, remains in line with strong manufacturing activity in region

The Philadelphia Fed’s Manufacturing Index rose in the month of April, coming in line with expectations. Index rose from March’s 22.3 to 23.2. The rebound was mainly driven by a rise in input prices, with the index rising to 56.4 from 42.6. Prices received by manufacturers also rose.

The other categories that saw growth were the number of employees and average employee workweek. This augurs well for the outlook for employment in the manufacturing sector. Meanwhile, new orders dropped 17.3 points, whereas shipments fell by 8.5 points. Companies recorded a drawdown in inventories in April.

The forward-looking index of general business activity six months ahead dropped from 47.9 to 40.7. this might be a reflection of uncertainty in the sector stoked by anti-trade rhetoric. Overall, the index continues to be in line with solid manufacturing activity in the region, stated Barclays in a research report.

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