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Philadelphia’s Federal Reserve Business Index hit a two-year high in the latest report, despite a slight decrease in employment numbers from -9.6 to -10.7. However, new orders showed a substantial increase from +5.4 to +12.2, indicating stronger demand.
Shipments and unfilled orders both showed improvement, with shipments increasing from +11.4 to +19.1 and unfilled orders increasing from +1.0 to +0.8. Delivery times also saw a slight improvement, moving from -16.7 to -9.4.
Inventories declined from +4.4 to -8.9, while average employee workweek saw a notable decrease from -0.2 to -18.7
