The November reading from the Philadelphia Fed’s Manufacturing Business Outlook Survey indicated very strong growth in manufacturing activity. Even more encouraging are the sustained increases we have witnessed in this sector.
After a mediocre performance from mid-2011 to mid-2013, the index has now been positive for nearly 18 consecutive months, with the only aberration in February 2014 during the depths of our severe winter weather. Our index is often viewed as a useful indicator of national manufacturing activity, and indeed the national ISM manufacturing index has also shown solid performance over the past 18 months.