<ul><li>Prior -8.9 (was expecting -11.0)</li><li>Business index -24.3 versus -7.4 estimate</li><li>employment 5.1 versus +10.9 last month</li><li>average work week -3.2 versus 4.0 last month</li><li>price paid 26.5 versus 24.5 last month</li><li>prices received 14.9 versus 29.9 last month</li><li>delivery times -13.6 versus -5.6 last month </li><li>new orders -13.6 versus -10.9 last month</li><li>shipments 8.7 versus 11.1 last month</li><li>unfilled orders -17.0 versus -19.2 last month</li></ul><p>looking forward six months</p><ul><li>future activity 1.7 versus 4.9 last month</li><li>employment 8.1 versus -1.9 last month</li><li>average work week -2.1 versus -6.9 last month</li><li>Capex 7.5 versus 10.5 last month</li><li>average work week -2.1 versus -6.9 last month</li><li>prices paid 17.9 versus 25.7 last month</li><li>prices received 19.1 versus 21.3 last month</li><li>delivery times -24.0 versus -9.1 last month</li><li>new orders 9.2 versus 2.4 last month</li><li>shipments 4.6 versus 9.1 last month</li><li>unfilled orders -12.4 versus -0.6 last month</li></ul><p>For the full report <a href="https://www.philadelphiafed.org/-/media/frbp/assets/surveys-and-data/mbos/2023/bos0223.pdf" target="_blank" rel="nofollow">CLICK HERE</a>.</p><p>Summary:</p><ul><li>current indicators remain week</li><li>six consecutive negative reading</li><li>lowest reading since May 2020</li><li>employment remain positive but down from the previous month</li><li>prices paid ticked up after reaching a 2 1/2 year low last month</li><li>prices received dropped 15 points which was the lowest reading since February 2021 and slightly above its long-run average</li></ul><p>For the future indicators, they remained soft:</p><ul><li>new orders increased but shipments declined.</li><li>Firms expect increases in employment </li><li>both future price price indices were below their long-run averages</li></ul><p>Inflation</p>
This article was written by Greg Michalowski at www.forexlive.com.
