Philadelphia Fed Manufacturing Index For July -13.5 Vs -10 Est.; -13.7 Prior
Portfolio Pulse from Happy Mohamed
The Philadelphia Fed Manufacturing Index for July came in at -13.5, worse than the estimated -10 and the prior figure of -13.7.
July 20, 2023 | 12:30 pm
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NEGATIVE IMPACT
The worse-than-expected Philadelphia Fed Manufacturing Index could negatively impact the SPY ETF, which tracks the S&P 500 index.
The Philadelphia Fed Manufacturing Index is a key economic indicator. A worse-than-expected figure suggests a slowdown in the manufacturing sector, which could negatively impact the overall economy and, consequently, the stock market. As SPY tracks the S&P 500, it is likely to be negatively impacted by this news.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 75