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It's Always Funny In Philadephia: Philly Fed Optimism Soars To Second Highest Ever
It is oddly appropriate for the BS New Normal, in which as the DOL showed earlier virtually every data point is made up, that moments after the Bloomberg Consumer Confidence Index showed a plunge in consumer expectations to the lowest leve in two years, that the October Philly Fed would come out with a six-month general activity outlook indicator of 60.8 (up from 58.2) and the second highest ever in the history of the series! One really can't make up the farce that biased, propaganda data "reporting" has become.
In terms of current conditions, the broad diffusion index, declined just modestly from 22.3 to 19.8, but beat expectations of a 15.0 print, which in itself was apparently enough to send the EURJPY soaring, and pushing futures into green territory for the day. Apparently today good news is good news not to be confused with every other day when bad news is better news and confirmation QE will continue until the bitter end.
Some other report highlights:
The survey’s broadest measure of manufacturing conditions, the diffusion index of current activity, edged down from 22.3 in September to 19.8 this month (see Chart). The index has now been positive for five consecutive months. The percentage of firms reporting increased activity this month (36 percent) was greater than the percentage reporting decreased activity (16 percent). The demand for manufactured goods, as measured by the current new orders index, increased 6 points, to 27.5, its highest reading since March 2011. Shipments continued to expand: The index fell 1 point to 20.4, following a 22 point increase last month. The diffusion indexes for inventories, delivery times, and unfilled orders were all positive and higher than last month. Labor market indicators showed improvement this month. The current employment index increased 5 points, to 15.4, its highest reading since May 2011. The percentage of firms reporting increases in employment (23 percent) exceeded the percentage reporting decreases (8 percent).
Broken down visually:
But as noted earlier, it was the 6-month forward looking indicators that were the punchline:
The survey’s future indicators have suggested markedly improved optimism among the reporting manufacturers in recent months. The future general activity index increased 3 points, from 58.2 to 60.8, exceeding its previous highs since the end of the recession in 2009. Slightly over 63 percent of firms expect increases in activity over the next six months; only 2 percent of firms indicated that they expect decreases over the next six months. The indexes for future new orders and shipments also remained at relatively high levels. Over 67 percent of firms expect increases in new orders and 57 percent of firms expect increases in shipments over the next six months. The future employment index fell 4 points; however, nearly 37 percent of the firms expect to increase employment over the next six months
The chart below clearly shows the second highest print in the history of the series.... just as consumer confidence is cratering. Sure why not.
Good, so... no need to extend the Taper then right? Lol.
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The only thing I am more optimistic about is that I can hit a man-sized target at 500 meters with iron sights.
However, I don't think that is one of the questions in the survey.
Sample question: Do you feel optimistic or do you want the NSA to conduct a very close examination of your books?
What ever numbers the COMINTERN needs, the COMINTERN gets.
I don't see any inconsistencies here. Increased activity and reduced confidence are quite indicative of our current state of being... milked like so many aphid slaves by our formicidaen overlords.
Philly, Baltimore, DC.. same basic neighborhood.. proud legacy dating to and before the Revolutionary War.
Now, thanks to 100+ years of “liberal” progressive education, government and society, the cities are cesspools of urban blight, trouble and decay.
Way to go .edu, .gov --
Oh, let’s not change the way we think and act so as to restore sound, traditional time proven approaches - let’s just steal some more prosperity from the kids and throw more debt money at the problems.
At least it is good for the institutional parasites.
And the sheeple let it happen. At this point, "stupid is as stupid does" as far as the TPTB goes. They are just doing what's in their nature. It's the new generation of shit talkers on the interwebbie thing and no balls to stand up to any of what's going on.
Widowmaker's books have a full metal jacket. NSA and DHS fuckups of Fascism welcome.
I like steel.
I think I heard that somewhere else.
The NSA director is retiring in early 2014. That announcement is kind of being shouted down today.
Off-topic, but Glenn Beck just gave a huge shout out to ZH...
Used to be turned off by the guy, but he has turned a major corner and has finally started seeing the forest for the trees.
Wait until tomorrow. The guy is all over the place
Not as of late. It's either him or Geraldo in the morning in my office so I have been listening to him for a bit...gets emotional, but we all have quirks. He's on our side, whether you like it or not.
Edit to add...
He said ZH was the best or smartest economic site out there...and that he only understood 40% of it. Something to that effect, at least, and told all listeners to go to the site and start reading :)
Beck is a Cosmic division 19, deep black, indigo primed agent pulling the consciousness of mankind away from the brink. It's a 40 year plan started by the Majestic 12.
How else do you explain Beck?
Majestic 12 .. lawl
the NSA parked a truck in front of Paul Bennewitz house @ Kirtland Air Force Base and beamed in the Majestic 12 ARG ...
Yessssssssss! America's back baby!
After the nut-crushing defeat that Boner & Team inflicted on themselves, Precedent has been set: No more Ceiling.
Hedge and plan accordingly.
Maybe it's because Philly is between two large US Gvt cash registers, NY City (Wall Street) and Washington, DC (Fraud Street).
http://www.ted.com/talks/didier_sornette_how_we_can_predict_the_next_fin...
http://www.beyondneanderthal.com/bloom-end-of-grand-super-cycle-in-sight...
When you walk around the city all you can smell is dope.
Careful, they may hit you with a battery packed iceball!
Careful, they may hit you with a battery packed iceball!
Do they even have schools in Philidelphia? Isn't Philidelphia the capital of the free shit army??
After W.Be. Goode and his admin, the city continues to degrade. It is a younger Detriot
Yes. Lots of "brotherly" love too, because most of them don't know who their daddy is, so they just might be brothers.
The schools teach socialism and free shit is their main goal in life.
I will say the mayor at least gives an effort to change things but with Philly as an example the pendulum has swung too far and the FSA cannot be stopped until the entire system breaks.
http://www.city-journal.org/2013/23_2_michael-nutter.html
Sure, that's where people come for food and weed.
It is the capital of free shit army. All the white people that moved back to the city for an "urban lifestyle" were granted 10 year tax abatements. That's right, the city spent millions to lure wealthy people back to the city and doesn't collect 1 dime in taxes from them.
http://www.youtube.com/watch?v=dN27VwNJJb0
We are in bizarro world...
Up is down
Black is white
Bad is good
Grass is blue, sky is green
POTUS is a communist
Etc..
Try George Orwell.....1984. Room 101 to follow.
You forgot the newest one: Steel beats Gold.
Or is it stealing beats gold?
" You funny too!"
https://www.youtube.com/watch?v=OOVS14X3dfA
The Philly Fed polled only EBT card leeches.
worst part is people moving from the city (dems) are destroying the surrounding towns. Crime through the roof.
The same thing is happening in states bordering California.
Short TZA. Since the Phed of Philly is all happy and pissing their pants with excitement, means QE is going to go up again to 85 billion a month. So expect an international reaction on the dollar getting flushed and US billionaires being as relevant as Zimbabwean billionaires.
Flash mobs, one of the worst public education systems in the country, it is Detroit Junior, run by Dems for ages, right into the ground, a once great city.
An army of robot baristas could mean the end of Starbucks as we know it – Quartz
Starbucks’ 95,000 baristas have a competitor. It doesn’t need sleep. It’s precise in a way that a human could never be. It requires no training. It can’t quit. It has memorized every one of its customers’ orders. There’s never a line for its perfectly turned-out drinks.
It doesn’t require health insurance ( like BamaCare )
Don’t think of it as the enemy of baristas, insists Kevin Nater, CEO of the company that has produced this technological marvel. Think of it as an instrument people can use to create their ideal coffee experience. Think of it as a cure for “out-of-home coffee drinkers”—Nater’s phrase—sick of an “inconsistent experience.”
The nice thing about machines is they never actually question if it's really coffee being made or something that only tastes like coffee.
"when it becomes serious, you have to lie."...........or borrow and print lots lots more.
Cheers Wattie
Weren't there 59 voting districts in the Philadelphia area that generated 100% of the popular vote for Ubumble last year...???
PhillyFUBAR.
The Fed is going to go full Oprah and GIVE EVERYONE A NEW CAR!
Yellen will go on the show and jump up and down on Oprah's couch exclaiming, "I love this country."
Orwell!
when the cost of money goes up, this nonsense will come to a halt very quickly
here's why
http://bullandbearmash.com/about/us-prime-rate/
The 3 month T-bill was up almost 500% over the last two weeks - the process has started. Higher rates to offset the risk involved when buying US debt.
you're such a spoiler
Party pooper!
Rising interest rates? Pffftttt. NO MO' Debt Ceiling and QE4EVA will fix that.
New job creation numbers to clean up the graffiti reversed initial reports.
http://www.nbcphiladelphia.com/news/local/Racist-Vandalism-Northeast-Philly-228038761.html
/sarc
Obama: If I had a son
Vulgar Graffiti in Northea.st Philly; Former Eagle Irving Fryar Arrested
http://iradiophilly.com/conversation.php?idConversation=2824
I'll bet this survey was taken in The Hamptons and that end of longggilland.