Philly Fed manufacturing index rebounded in November

The Philadelphia Fed manufacturing index for November surprised the market and increased to 1.9. The index entered to positive territory after two consecutive negative readings. 

"The employment index recorded a robust growth as it increased to 2.6 in compare to -1.7 in October. New orders contracted by 3.7 in November against 10.6 in October, similarly, shipments reduced by 2.5 vs previous -6.1", notes Barclays. 

The headline Philadelphia Fed index comes from a separation survey question on general business conditions. The ISM-adjusted version of the index, an average of five components, stayed in negative territory of 48.1 in compare to 44.9 previously, despite the rebound in employment rate.