Yesterday, the ninth survey of 2012 for the Philly Fed Manufacturing Index for September was published. This survey estimates the U.S. manufacturing conditions. According to the recent survey the conditions have slightly improved again but the index was still negative for the fifth consecutive month; the Philly Fed index rose from -7.1 in August to -1.9 in September. Indexes of prices also modestly rose; this may suggest the price pressures have intensified again. The American stock markets traded yesterday at a mixed trend. Gold and silver prices also traded at a mixed trend.
If this indicator provides a good estimate for the economic development of the U.S, it may suggest a continuous slowdown in the manufacturing sectors. This index may also suggest there was a modest improvement during September compared with the manufacturing conditions during August 2012. This survey also estimated the general employment conditions that have deteriorated again during the month.
This report continues to show only modest improvement in the U.S economy. This report also could be reviewed as a preview to the growth rate of the U.S GDP. Since the manufacturing have only slightly improved and are still negative, this could suggest that the U.S GDP growth rate won’t be much higher in the third quarter than it was in the previous quarter.
Yesterday’s report might positively affect not only American stock markets, energy prices including natural gas and crude oil but also gold and silver.
Following the publication of this report major American stock market indexes including the S&P500 and NASDAQ edged up while the Dow slipped; major energy commodities prices such as crude oil prices also declined; precious metals traded at a mixed trend as silver rose while gold edged down.
Current gold price, short term futures (October 2012 delivery) is traded at $1,775.4 per t oz. a $5.2 increase as of 06:29*.
Current silver price, short term futures (October 2012 delivery) is traded at $34.875 per t oz. a $0.193 increase as of 06:29*.
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