The Philadelphia Fed Regional Manufacturing Index surged again this month but remains below two higher recovery highs.
51.3 percent of business say “general business activity is better than last month”. 35.5% report no change, while 12.5% of businesses assess they are worse off than last month.
This leads to a diffusion index score of 38.8.
Current and Future General Activity Indices
By how much are things improving? No one knows. The survey does not even ask.
Note that a net 33.7% of firms say input prices are rising while only a net 16.6% of firms say they are receiving more for their manufactured products. How much more are input prices rising than output prices?
Once again, No one knows. The survey does not even ask.
Mike “Mish” Shedlock
Ed Means said:
Why do a survey if you’re not going to ask the right questions? The numbers may be factual, but they don’t really say anything.
Stats, surveys,,,yada, yada. If one scours the internet one can find good, bad and even ugly. But out on the streets here in the Southwest things are humming along just fine. I sometimes wonder if all this negativity is just residual from a nasty presidential election. Leftover divide and conquer rhetoric inspired bull shit?
OK, I know,,,doom and gloom sells.
Tony Bennett said:
“But out on the streets here in the Southwest things are humming along just fine.”
Looks can be deceiving.
Unless you are privy to the books of a business (of any sort) you don’t know diddly.
Same in the NYC, CT abs greater Boston regions things are white hot economically. Jib markets vrfrr been better
Tony Bennett said:
Latest tax collection report for state of New York is March.
sales tax … $1.225 billion
business tax … $1.934 billion
sales tax … $1.187 billion … -3.1%
business tax … $1.475 billion … -23.7%
Always easy to figure who own / run a business … and those who are clueless.
Medex Man said:
@NL9075 — “Same in the NYC, CT abs greater Boston regions things are white hot economically”
I have heard that things are pretty soft in NYC and Boston… but on the subject of CT? You are an f-ing moron. CT’s economy is cratering. The governor is so unpopular that he already announced he won’t try for re-election. His own party told him (publically) that he doesn’t stand a chance, and he needs to step aside early so voters don’t blame the party for his failures.
You obviously don’t know what you are talking about.
Tony Bennett said:
“By how much are things improving? No one knows. The survey does not even ask.”.
Probably wouldn’t like the answer.
All these surveys are garbage.
One of the better heat maps on how things faring is tax revenue collection … PA’s latest (April):
Harrisburg, PA – Pennsylvania collected $3.4 billion in General Fund revenue in April, which was $537.1 million, or 13.5 percent, less than anticipated, Acting Revenue Secretary Dan Hassell reported today. Fiscal year-to-date General Fund collections total $25.8 billion, which is $1.2 billion, or 4.5 percent, below estimate.
April corporation tax revenue of $238.5 million was $227.4 million below estimate. Year-to-date corporation tax collections total $3.9 billion, which is $577.4 million, or 12.8 percent, below estimate. A law change shifted the due date for corporate net income tax from April to May. Most of the corporation tax shortfall in April will be recovered in May.
I have to hand it to you. You’re chasing down very relevant data. Now, If we see those kinds of declines here in WA state, then we will know this up cycle has completely run it’s course.
R C said:
If looked at through the lens of “a rising tide floats all boats”, the “sinking boats” indicate that our economy still sucks!
Our California governor (Jerry Brown), voiced his true contempt for the public when he was confronted with resistance to the new “transportation tax”. He said the taxpayers were “freeloaders” because they did not want to pay the new taxes.
Not even a relative strength indication with a plus minus ticker??
Any info gleaned from this survey is better than none. Could it be a better Survey? Probably.
The US economy continues to trudge along at 1-2% growth, creating a modest number of new jobs each month. The world economy is doing double the US growth rate.