Philadelphia Fed Manufacturing Business Outlook rose notably to 27.5 in June, up from -43.1. That’s also the first positive reading since February. Future activity index rose 17pts to 66.3, hitting the highest level in nearly 30 years. New orders (16.7), and shipments (25.3) returned to positive territory after negative readings over the past few months. Employment stayed week despite improvement, with numbers of employees at -4.3 and average employee workweek at -6.5.
