The Philly Fed’s Business Activity Index rose from -17.1 in June to -16.3 in July, just shy of the forecast of -15.0. The reading indicates that manufacturing in the mid-Atlantic region continues to decelerate, while the rise in prices paid from 69.3 to 75.6 signals that pricing pressures are intense and are rising.
June Housing starts increased 9.1% to an annual rate of 1.066 million units, beating the estimate of a drop to 960,000 units. Building permits, an indicator of future starts, also surprised the Street, rising 11.6% to an annual pace of 1.091 million units, compared to expectations of a decline to 965,000. More from Bloomberg...
