In a striking turnaround, business conditions as measured by the Philadelphia Federal Reserve surged significantly in July 2024. The indicator experienced a robust increase, more than doubling from its previous reading.
According to the latest data released on July 18, 2024, the Philly Fed Business Conditions index reached an impressive 38.7. This marked a substantial climb from the prior month’s figure of 13.8 recorded in June 2024.
This sharp improvement signals a positive shift in the regional manufacturing sector, suggesting strengthened economic activity and potential growth moving forward. Such a leap could have implications for broader economic expectations and business investments in the near term.
