We were looking for a 5.6 result for November; good, but only marginally so. Instead we got a 22.5, which administered a savage beating to the expectations. Some of the driving factors are:
* 27% of surveyed firms reported increases in employment, while only 14% reported decreases
* 29% of surveyed firms expect to increase employment over the next 6 months, whole only 7% expect to decrease employment.
* The future prices paid index increased by 7 points, while the future prices received index increased 18 points, indicating a probable increase in revenue..
You can read the release yourself at http://www.philadelphiafed.org/research-and-data/regional-economy/business-outlook-survey/2010/bos1110.cfm.