Philly Fed survey index rises - Nomura

Analysts at Nomura explained that the Philly Fed survey business conditions index rose to 27.9 in October from 23.8 in September. 

Key Quotes:

"This appears consistent with strong incoming data on new orders and shipments in recent months. Moreover, manufacturing output excluding autos has been on the rise relative to a year ago."

"The Empire State survey’s topline index for October jumped earlier this week, also reflecting improvement in activity. Details of the Philly Fed survey remained strong, but moderated slightly. The new orders and shipments indexes remained positive but fell, decreasing 9.9pp and 13.4pp, respectively. Employment indicator improved."

"The number of employees index rose sharply to 30.6 from 6.6, and the average workweek rose to 19.4 from 11.9. The prices paid index increased 3.7pp to 38.1, suggesting continued pressure on input prices. Today’s report appears consistent with steady growth in the manufacturing sector."