The clearest signal today came from Philadelphia. The region’s manufacturing index jumped to 23.2 in September from −0.3, a clean move back into expansion. New orders turned positive (12.4 after −1.9), firms kept hiring (employment 5.6), and business conditions brightened (31.5). Crucially, costs eased: the prices-paid measure fell to 46.8 from 66.8. One caution flag: […]
