Philly Fed survey

A new report from the Philadelphia Fed shows America's manufacturing sector is strongly bouncing back. Not only are firms reporting booming activity, strong shipments of goods and more unfilled orders, but jobs are being created at the highest rate in 38 years.

The Philadelphia Fed regional index unexpectedly rose in December to its strongest growth rate since mid-2005. Shipments again had trouble keeping pace with rising orders, and business confidence continues to rise.

Manufacturing activity in the mid-Atlantic region unexpectedly surged in November. The Philly Fed's Business Outlook Survey index jumped to 22.5 in November from 1 in October, its highest reading since December 2009.

Manufacturing activity in the mid-Atlantic region showed modest improvement in October, according to the Federal Reserve Bank of Philadelphia, which saw its Business Outlook Survey rise to 1.0. However, despite that return to positive territory overall, key index components continued to reveal economic softness.

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The latest Leading Economic Indicators reading and regional Philly Fed Index provide further evidence of weaker economic growth. And that complicates policymakers' efforts to lower the nation's high unemployment rate.

One nation industrial and two regional surveys released this week provided further evidence that the U.S. economic recovery weakened somewhat in the second quarter, as manufacturing growth slowed.

Although the May Leading Economic Index and the June regional Philly Fed Survey confirmed a growing U.S. economy, each suggests the economy may slow in the quarters ahead -- something that would complicate policy makers%u2019 effort to lower the nation%u2019s high unemployment rate.