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Strategies & Market Trends : Mish's Global Economic Trend Analysis

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To: NOW who wrote (16220)	11/18/2004 1:10:47 PM
From: mishedlo	Read Replies (1) of 116555

U.S. Nov. Philly Fed slows to 20.7 Thursday, November 18, 2004 5:32:12 PM afxpress.com WASHINGTON (AFX) - Manufacturing in the Philadelphia region continued to expand in November but at a slower pace than in October, the Federal Reserve Bank of Philadelphia reported Thursday. The Philly Fed's activity index fell to 20.7 in November from 28.5 in October. The decline was larger than expected. Economists surveyed by CBS MarketWatch were expecting the index to slip to 23.4 in November. The Philly Fed index fell to 13.4 in September before recovering in October The Philly Fed index is closely watched because it often accurately forecasts the national purchasing managers' survey on manufacturing activity reported by the Institute for Supply Management just after the end of each month. The ISM index slipped to 56.8 percent in October The Philly index has been above zero since May 2003. Readings above zero indicate that most firms surveyed by the bank said business conditions have improved in the past month In November, new orders fell to 22.1 in November from 24.6 in October. Shipments eased to 24.5 from 28.2 The employment index rose to 17.4 from 14.1 in the previous month Expectations about the economy in six months improved as the expectations index rose to 52.1 from 27.6. Capital spending expectations rose to 25.5 from 21.1, and employment expectations rose to 29.2 from 23.2 In a separate release, the Labor Department said the average number of new claims for unemployment benefits fell 3,000 to 334,000. The Conference Board also reported that the index of leading economic indicators fell for the fifth straight month. This story was supplied by CBSMarketWatch. For further information see www.cbsmarketwatch.com

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