Philadelphia November Business Outlook likely improved

Canvass of local firms surveyed by the Federal Reserve Bank of Philadelphia will be published today. The business outlook will provide brief view on manufacturing activity in November. The headline number is expected to improve in November, and expected post positive figure.

"The corresponding measure in the Philadelphia Business Outlook Survey probably jumped from -4.5% in October to a three-month high of 3.0%. Taken this, our projections would be consistent with the ISM Purchasing Managers' Index climbing by a little less than one percentage point to 51.0", argues Societe Generale.