The July reading of the Philadelphia Fed Manufacturing Index marked a dramatic reversal in regional manufacturing sentiment, surging to 15.9 from -4.0 in June. This is not just a routine bounce—it is the strongest reading since April 2022 and significantly above consensus expectations, which had forecast a modest contraction. What’s more critical is the composition of the improvement: it was led by new orders, which jumped to 18.4 from 2.3, and employment, which returned to expansion territory at 10.3 after months of decline. But will this momentum carry into 2H 2025?
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