Today the Philly Fed headlines at 14.4 was largely higher than its components.
In fact most of the economists commented essentially that >>Philly Fed survey was mixed, with the headline indicating modest growth, but components "all much weaker than anticipated. Looking at the Philly Fed survey on an ISM-weighted basis, the index fell 3.1 points to 52.5 in May." >>
Anyone knows how to recalculate the Philly Business Activity index in terms of ISM-weighted basis?
Bernard
In fact most of the economists commented essentially that >>Philly Fed survey was mixed, with the headline indicating modest growth, but components "all much weaker than anticipated. Looking at the Philly Fed survey on an ISM-weighted basis, the index fell 3.1 points to 52.5 in May." >>
Anyone knows how to recalculate the Philly Business Activity index in terms of ISM-weighted basis?
Bernard