Philly Fed Rejects Ongoing Contraction Indicated By New York Fed

Tyler Durden's picture

Three days ago the New York Fed released the December print Empire State index which showed a broad contraction across all key verticals. Today, in fine "keeping them baffled with bullshit" form, the Philly Fed swing precisely the other way, and despite expectations for a second consecutive negative print of -3 to be precise, up from -10.7 last month, the General Business Activity indicator printed at 8.1, the highest print since April, with New Orders at 10.7, the highest since February, and Employment at 3.6, the highest since April. Naturally, the algos pretending to trade on news, took this news and ran futures higher, even though this implies a sooner end to Fed easing (wink wink), having done precisely the same with the NY Fed data on Monday, when inversely it implied an even more infinite QE4EVA. Needless to say, all economic data in the US at this point is completely meaningless, with regional distortions, seasonal adjustments, political pressures and overall central planning making a mockery of the US economic data apparatus. The good news, of course, is that economic data has ceased to matter long ago. The only thing that matters now: how will the House vote later today.

Source: Philly Fed

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Boilermaker's picture


Look at that SPX just rock and roll. 

RunningMan's picture

Business conditions absolutely suck, regardless of what the survey says.

DoChenRollingBearing's picture

The Central Bank of DoChenRollingBearing cares not what the US Fed says or does.  And in fact makes an announcement:

1) The DCRB CB holds gold and sneers at paper gold manipulation

2) The DCRB CB also hold lots of 52100 PM in Peru:

TruthInSunshine's picture

As Joe Weaselthal, minor league player of propaganda to major leaguer Paul Krugman, would say:


LongSoupLine's picture

So fucking ES shots a rocket and silver gets crushed further, to now the 29's?

makes perfect sense with this fucked up the ass casino.

fuck you Bernanke and Getco.

Dr. Engali's picture

I can tell you that every business owner I talk to will just come out and say that  business blows. It used to be when I talked to them I had to read between the lines. That's not the case now. Many of them would get out if they could.

Clowns on Acid's picture

Doc - you obviously do not work for the Fed Gov't or for a Fed Gov't "preferred vendor", or altenatively a gun manufacturer. Ask those guys if they want to "get out".


game theory's picture

DC real estate is in a post-bubble bubble and gov't workers/contractors are fat and happy.

buzzsaw99's picture

survey taken before or after prozac causes three std deviations

Hohum's picture

What's the margin of error on these numbers anyway?

TruthInSunshine's picture

+ or - 98000%.

But that's not taking into account revisions, which seem to have a one way trend...

semperfi's picture

That anyone believes any of the various numbers put out by "the officials" is mind boggling, or not - considering most people are complete gullible morons.

ZFiNX's picture

The water is getting choppy, something is rising to the surface.

Nobody For President's picture

The two big ups: business inventories and government spending.

Stock it and they will come!

Spend it via more debt and things will get better!

This is going to end well in the 4th quarter.

StoleYourMoney's picture

Temporary spike by none other than Sandy!