Highlights
The Mid-Atlantic region is enjoying slow but tangible growth according to the Philadelphia Fed's index which rose to 16.7 in November vs. 11.5 in October. Employment is a big plus, only marginally negative at minus 0.5 in a big improvement and the latest hint that layoffs are winding down. New orders rose sharply, to 14.8 from 6.2 in perhaps the best reading of all. Shipments are keeping pace, at 15.7 vs. October's 3.3. The supply chain is still wide open with delivery times, at minus 12.7, faster than ever and with inventories, at minus 17.3, still being drawn. Note that increasing shipments should begin to slow down delivery times and, very importantly, slow down inventory burn. Input prices continue to rise but only mildly while prices for finished products are flat. Tuesday's industrial production was a big setback for the manufacturing outlook, showing a 0.1 percent downtick in October. But today's report, together with Monday's Empire State report, offer early signals of month-to-month growth in November.

Market Consensus Before Announcement
The general business conditions component of the Philadelphia Fed's business outlook survey index slipped to 11.5 in October from 14.1 the month before. Although still well above breakeven, the latest number reflected a modest slowing in month-to-month growth of manufacturing activity. Looking ahead, activity is likely to improve as the new orders index did accelerate slightly, to 6.2 from 3.3 in September.

2009 Release Schedule

Released On: 1/15 2/19 3/19 4/16 5/21 6/18 7/16 8/20 9/17 10/15 11/19 12/17 Released For: Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec