The Federal Reserve Bank of Philadelphia's business survey results for November show a strong rebound. The broadest measure of factory conditions increased to 22.5 in November from 1.0 in the October (see chart 1). The index tracking new orders rose to 10.4 in November from -5.0 in the prior month. Indexes measuring shipments (16.8 vs. 1.4 in October), number of employees (13.3 vs. 2.4 in October) and the employee workweek (22.3 vs. 15.9 in October) also advanced in November.

In addition, the forward looking indicator of overall business conditions increased to 49.0 in November from 41.0 in the prior month. The bullish tone of this survey is consistent with other economic reports published in recent weeks - auto sales, non-auto retail sales, factory production, and payroll employment.

Asha Bangalore — Senior Vice President and Economist

http://www.northerntrust.com
Asha Bangalore is Vice President and Economist at The Northern Trust Company, Chicago. Prior to joining the bank in 1994, she was Consultant to savings and loan institutions and commercial banks at Financial & Economic Strategies Corporation, Chicago.

The opinions expressed herein are those of the author and do not necessarily represent the views of The Northern Trust Company. The Northern Trust Company does not warrant the accuracy or completeness of information contained herein, such information is subject to change and is not intended to influence your investment decisions.

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