Philadelphia business outlook diffusion index rose from 22.3 to 23.2 in April, beating expectation of 21.2. There were nearly 37% of manufacturers reported increases in overall activity during the month, while 14% reported decreases. Philadelphia Fed noted in the release that the responses ” suggest continued growth for the region’s manufacturing sector. The indexes for general activity, new orders, shipments, and employment all indicated continued expansion this month.” And, “looking ahead six months, the firms continued to be optimistic about the outlook for manufacturing activity.”
Also from US, jobless claims dropped 1k to 232k in the week ended April 21, slightly above expectation of 230k. Four week moving average rose 1.25k to 231.25k. Continuing claims dropped 15k to 1.86m in the week ended April 14.
