Philly Fed Index Beats Forecasts, Rises To 15.2 In June

The Philadelphia Fed's manufacturing index increased to a reading of 15.2 in June, above the 6.7 in May and the 9.0 forecast in a MarketWatch-compiled economist poll. This is the highest reading since December. Any reading above zero indicates expansion. The subcomponent for new orders rose to 15.2 from 4.0, while the shipments index increased to 14.3 from 1.0. Employment slipped to 3.8 from 6.7. The prices paid index jumped 31 points to 17.2, its highest reading in eight months. The Philly Fed index had showed great strength in the fall, rising to 40.2 in November, but then slumped.