US Philly Fed index rockets higher in November

The Federal Reserve bank of Philadelphia’s manufacturing sector gauge for the month of November shot higher to a reading of 40.8 for November, its highest level since March 2011.

The consensus estimate had been for a reading of 18.5 following a reading of 20.7 for the month before.

A sub-index for new orders shot up to 35.7 from a print of 17.3 while that which tracks employment more than doubled, to 22.4 from 12.1.

In parallel, the sub-index measuring the length of the average workweek rose to 7.8 from -1.3.

A barometre of 'prices paid' by manufacturing firms in that part of the country fell to 17.3 from 27.6 in October.