Philadelphia Fed
Philadelphia Fed
Coordinates: 39°57′07″N 75°09′04″W / 39.95194°N 75.15111°W / 39.95194; -75.15111...
average continued employment higher hours inputs prices report worked
The employment index was sharply higher this month, and the average hours worked improved. Firms continued to report higher prices for inputs and for their own manufactured goods.
approaches current emerges estimate forecast high inflation quarter quickly trajectory
The trajectory that emerges from this forecast is one in which inflation is temporarily high in the current quarter but quickly approaches the current estimate of long-run inflation of 2.5 percent.
again chances diminish inflation interest moves picking steps taken three
If they tighten again in November, then the steps they've taken in three (interest rate) moves should meaningfully diminish the chances of inflation picking up going forward.
both general point recession sector
point to recession in both the manufacturing sector and the general economy.
banks business district energy expect high materials prices
Nevertheless, many business firms indicated to the District Banks that they expect high prices for energy and construction materials to persist,
expect future increases input next percent prices remain rise six
Expectations about future prices remain elevated: 62 percent of the firms expect input prices to rise over the next six months; 49 percent expect increases in the prices of their own manufactured goods,
continue pressures price remain
Price pressures remain but continue to show a moderating trend.
costs final goods higher passed prices suggesting widespread
Higher prices for final manufactured goods were also more widespread this month, suggesting that higher costs have been passed on to customers.
among forecasts half higher increasing optimism previous suggesting
These forecasts are higher than in the previous survey, particularly for the first half of 2006, suggesting increasing optimism among the forecasters.