Philadelphia Fed Index
a.k.a. Philly Fed, Philadelphia Fed Manufacturing Index
A monthly survey of factory managers in the Philadelphia region, one of the first reads on US manufacturing each month.
The Philadelphia Fed Index comes from the Federal Reserve Bank of Philadelphia, which asks manufacturers in its region whether things like orders, shipments and hiring got better or worse. The answers are boiled down to one number: above zero means more firms saw improvement than decline.
Because it arrives early in the month, traders use it, with the Empire State survey, as a sneak preview of national factory data like the ISM.
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