US Philadelphia Fed manufacturing activity rebounds from lowest since January

By Ovunc Kutlu

ISTANBUL (AA) - The Philadelphia Federal Reserve in the US announced Thursday that its manufacturing index rose in July, rebounding strongly from last month.

The index for current general activity jumped 13 points to 13.9 in July, from the revised figure of 0.9% in June when it hit the lowest level since January.

The estimate for the index was to come in at 2.9, while it stood at 4.5 in May and 15.5 in April.

A level above zero indicates improving conditions, while anything below that shows worsening conditions.

"Nearly 39 percent of the firms reported increases in general activity this month, while 25 percent reported decreases; 29 percent reported no change," the Philadelphia Fed said in a report.

The indexes for new orders and shipments both turned positive following two consecutive months of negative readings.

The current new orders index rose 23 points to 20.7 in July, recording its highest reading since March 2022.

The current shipments index, meanwhile, jumped 35 points to 27.8 -- its highest reading since May 2022.