Philadelphia Fed business outlook for December 2020
- Philadelphia Fed business outlook comes in weaker at 11.1 vs. 20.0 estimate
- future index at 39.2 vs. 44.3 last month
- prices paid 27.1 vs. 38.9 last month
- unemployment 8.5 vs. 27.2 last month
- new orders index 2.3 vs. 37.9 last month
- prices received 18.0 vs. 25.4 last month
- shipments 14.4 vs. 24.9 last month
- unfilled orders 1.4 vs. 22.2 last month
- delivery times 18.5 vs. 18.0 last month
- inventories 10.3 vs. 1.8 last month
- average workweek 18.0 vs. 25.7 last month
The data is congruent with other weakening data seen recently including retail sales yesterday, and initial jobless claims.
- 7 components out of 10 decline vs. last month.
- The new order index is the lowest since May
- The employment index is the lowest since May as well
- The six-month from now index is the lowest since August 2020 when the index reached 38.8 (currently at 39.2)
