Philadelphia Fed Manufacturing Index For August -7.0 Vs 5.4 Est.; 13.9 Prior
Portfolio Pulse from Benzinga Newsdesk
The Philadelphia Fed Manufacturing Index for August came in at -7.0, significantly below the estimated 5.4 and the previous month's 13.9. This indicates a contraction in manufacturing activity in the region.
August 15, 2024 | 12:30 pm
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The Philadelphia Fed Manufacturing Index for August fell to -7.0, missing the estimate of 5.4 and down from 13.9 in July. This negative data point suggests a contraction in manufacturing activity, which could weigh on broader market sentiment.
The significant drop in the Philadelphia Fed Manufacturing Index indicates a contraction in manufacturing activity, which is a negative economic indicator. This could lead to a short-term decline in SPY as investors react to the weaker-than-expected data.
CONFIDENCE 90
IMPORTANCE 70
RELEVANCE 80