Philly Fed manufacturing index reviewed - Nomura
Analysts at Nomura explained that the Philly Fed manufacturing index showed some pullback in manufacturer sentiment during November but remains firmly within a positive territory.
"The headline index decreased 5.2pp to 22.7. The number of employees index, at a historical high of 30.6 last month, declined 8pp to a still-elevated 22.6. The new orders index increased slightly while shipments declined marginally.
Both remain elevated and point to sustained momentum over the near term. The delivery time index fell 7pp after an elevated 21.6 reading in October as disrupted supply chains return to normal.
The prices paid index increased slightly to 39.0 from 38.1, indicating continued upstream price pressure. Similar to the Empire State survey earlier this week, the Philly Fed survey indicates sustained manufacturing momentum in November, albeit at a slightly lower level than in October."