The Philly headline index fell -8 points to -3, again showing mild contraction after a brief detour into the black in June. The new orders index, the most forward-looking measure, jumped +15 points to a healthy 12 in July.
AbstractThe Philly index fell back into the red in July, but the survey detail was upbeat. UI claims and existing home sales also remain in good shape. The economy has clearly broken out of its winter doldrums and should remain healthy into 2017.