The Philly Fed Business Index reached a two-year high, surpassing the previous +3.2 rating, indicating optimism among manufacturers. Employment showed improvement with a rating of -10.7 compared to the previous -9.6, while new orders also saw an increase at +12.2, up from +5.4 in the prior period. Prices paid surged to +23.0 compared to +3.7 previously, while prices received showed a slight increase to +5.5 from +4.6, indicating rising costs for manufacturers.
Shipments rose to +19.1 from +11.4, and unfilled orders saw a slight decrease to +0.8 from +1.0, indicating that demand is decreasing slightly.
Delivery times improved to -9.4 from -16.7, while inventories fell to -8.9 from +4.4, indicating that manufacturers are not holding onto excess inventory as much as they were before.
Average employee workweek also saw a drop to -18.7 from -0
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