US: Mixed Economic Releases - ANZ
Research Team at ANZ, notes that the US Philadelphia reversed most of
the improvement in March, falling from 12.4 to -1.6 in April.
“There was a sharp fall in new orders (0 vs 15.7), employment (-18.5 vs -1.1), and shipments (-10.8 vs 22.1). Interestingly, the prices received and prices paid indices rose (7.4 vs 3.5 and 13.2 vs -0.9, respectively). The six month outlook also increased (42.2 vs 28.8) for the third consecutive time. The headline index contrasted with the Empire State Manufacturing Survey for April, which suggests that the US manufacturing sector is emerging from the doldrums.
US initial claims fell sharply to 247k in the week ended 16 April vs 253k a week earlier. This would seem to suggest another strong payrolls number for April.”