Manufacturing Growth in Philly and NY Accelerating

Reports out this week confirmed that manufacturing growth in both Philadelphia and New York regions is accelerating.

Activity is accelerating sharply in the New York region as the Empire State manufacturing index jumped 9 points to 31.86. The report confirmed strong month-to-month growth for April. The positive activity is broad-based and across all manufacturing factors including: new orders, shipments, inventories, jobs, delivery times, and input prices.

Manufacturing activity is also accelerating in the Philadelphia region.   According to the Philadelphia Fed index the 20.2 reading signals an increasing rate of month-to-month growth in April. The report is slightly less robust than than the NY report but is still very positive. New orders (which are obviously key to business activity) rose more than 4-1/2 points to 13.9 signaling a significant month-to-month acceleration. The region also continues to add payrolls... further evidence that the U.S economy is well on the way to netting over 4,000,000 jobs by year end.