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.