Economic Data Roundup (07/20/2017)

7/20/17 12:00 PM

iStock-465055366-1.jpgA new report from the Federal Reserve Bank of Philadelphia showed that manufacturing activity in the Mid-Atlantic region of the country cooled this month, as the general business conditions index fell from +27.6 to +19.5. That was the fourth decline in the past five months and worse than economists had expected, although still well above pre-election levels. Under the hood, current measures of new orders, shipments, inventories, total employment, and hours worked all deteriorated in July but forward-looking indicators (six months ahead) generally improved, including a jump in capital expenditure plans. Inflation pressures moderated this month but prices paid continued to rise faster than prices received, suggesting further strain on margins. Altogether, this was a mixed report, which is in line with other recent regional manufacturing data and confirms that business managers continue to eagerly await the tax cuts and regulatory reform promised by lawmakers.

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Sources: Econoday, FRBP

Post author: Charles Couch