Philadelphia Fed Manufacturing Index For September -13.5 Vs -0.7 Est; 12.0 Prior
Portfolio Pulse from Benzinga Newsdesk
The Philadelphia Fed Manufacturing Index for September has significantly dropped to -13.5, compared to the estimated -0.7 and the prior value of 12.0.
September 21, 2023 | 12:31 pm
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NEGATIVE IMPACT
The sharp drop in the Philadelphia Fed Manufacturing Index could negatively impact the SPY ETF, as it indicates a slowdown in manufacturing activity.
The Philadelphia Fed Manufacturing Index is a key indicator of manufacturing health in the region. A significant drop in the index, as seen in September, suggests a slowdown in manufacturing activity. This could negatively impact the broader market, and thus the SPY ETF, which tracks the S&P 500.
CONFIDENCE 85
IMPORTANCE 80
RELEVANCE 75