Philly Fed Soars To 3 Year Highs As Capex Investment Plans Tumble

Tyler Durden's picture


By the magic of hopes and dreams, Philly Fed's headline index soared to cycle highs at 23.9. Smashing the 16.25 expectation, this is the highest since March 2011 (and almost the highest in the recovery cycle). This is a 4-standard deviation beat. While most of the 'current' subindices improved with new orders exploding to their highest in 10 years (really!?). Great news right? Well no - the outlook 6-months forward sees employment drop, workweek drop, and capex investment plans drop to its lowest since January...


Yay!! multi-year highs...


With New Orders exploding


But Capex plans dropped their most in 18 months to 6 month lows...


The Full Breakdown...

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Thu, 07/17/2014 - 10:14 | 4967215 DOT
DOT's picture

Buy, buy, buy!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Thu, 07/17/2014 - 10:20 | 4967251 wallstreetapost...
wallstreetaposteriori's picture

New orders explode higher....must mean its upgrade time for Obamaphones....

Thu, 07/17/2014 - 10:30 | 4967296 sodbuster
sodbuster's picture

Just another meaningless bullshit number.

Thu, 07/17/2014 - 10:32 | 4967309 economics9698
economics9698's picture

It means inflation.

Thu, 07/17/2014 - 10:48 | 4967370 SDShack
SDShack's picture

Yep, with the cost of almost all raw materials increasing, manufacturers announce price increases to maintain margins, and that forces buyers to restock massively just before price increases go into affect. The last half of 2014 is going to be brutal.

Thu, 07/17/2014 - 11:05 | 4967439 RevRex
RevRex's picture

Economic indicators are meaningless during the Obowelmovement, haven't we figure that out yet?

Thu, 07/17/2014 - 10:31 | 4967302 NoDebt
NoDebt's picture

Why would you invest in capex when you're already selling everything you can make?

Wouldn't that money be better invested in a nice stock buy-back plan instead?

I'm sorry I ever doubted central planning.  Those guys really do know what they're doing.

Thu, 07/17/2014 - 10:14 | 4967217 ShorTed
ShorTed's picture

Thanks Obama

Thu, 07/17/2014 - 11:06 | 4967443 RevRex
RevRex's picture

Are you gay or something?

Thu, 07/17/2014 - 10:15 | 4967220 LawsofPhysics
LawsofPhysics's picture

Real infaltion starting to show up everywhere (not just equities) and despite the current velocity of money, scary shit.

and just for good measure...

Fuck you Greenspan, Bernanke, Yellen!!!

Thu, 07/17/2014 - 10:31 | 4967304 economics9698
economics9698's picture

Five years from bottle to throttle.

Thu, 07/17/2014 - 10:15 | 4967221 IronShield
IronShield's picture

I like my Philly with cheddar and some fries.  Does that go against the wookie's nutritional recommendations?

Thu, 07/17/2014 - 10:17 | 4967241 ShorTed
ShorTed's picture

What?  No onions? 

Thu, 07/17/2014 - 10:20 | 4967258 IronShield
IronShield's picture

Of course and peppers; and let's not forget the 'shrooms!

That just might meet the requirements.  Whew, just in time, stand down DHS.

Thu, 07/17/2014 - 10:17 | 4967234 AmericasCicero
AmericasCicero's picture

As an aside, this guy just called Durden out:


He left his email, let him know your thoughts!

Thu, 07/17/2014 - 10:27 | 4967283 Quinvarius
Quinvarius's picture

Gold is up today so he is wrong.  Just using his own logic.

Thu, 07/17/2014 - 10:49 | 4967381 AmericasCicero
AmericasCicero's picture


Thu, 07/17/2014 - 10:29 | 4967292 buzzsaw99
buzzsaw99's picture

it says nothing. zh has content, noah has nothing. i am ambivalent about gold but feel dumber for having read that.

Thu, 07/17/2014 - 11:15 | 4967418 IronShield
IronShield's picture

Please papa, tell us the story about the Bloomberg again; that deep, dark cesspool of limited intelligence and complicit refuse.


Edit: Not "conspiratorial refuse" rather "complicit refuse."  Sonz of beeches; either way.  ;-)

Thu, 07/17/2014 - 10:17 | 4967238 madbraz
madbraz's picture

Anyone who believes this is actually a real survey, conducted with real business people, randomly selected, has to have their head examined.


What about making it an open survey, on the internet, with contact information provided by the business people who filled the survey so that it is transparent?     Yeah, right....

Thu, 07/17/2014 - 12:57 | 4968472 PeeramidIdeologies
PeeramidIdeologies's picture

Easy now! Your describing something akin to fundamental economics. A system for which there is no current use for. Now settle down and eat your meat.

Thu, 07/17/2014 - 10:18 | 4967243 NOTaREALmerican
NOTaREALmerican's picture

Looks like everybody who BATATH was right.    I guess it pays to be a pathological optimist.  

Thu, 07/17/2014 - 10:19 | 4967252 q99x2
q99x2's picture

A "U" shaped recovery. Leave it to Pennsylvania to come up with a load of crap.

Thu, 07/17/2014 - 10:22 | 4967260 Space Animatoltipap
Space Animatoltipap's picture

"Note 2. All data are seasonally adjusted." Seasonal adjustment means adjustment according to the preference of the Dark House socialists. 

Thu, 07/17/2014 - 10:27 | 4967280 Postal
Postal's picture

Why invest in capex when there's blow and hookers?

Thu, 07/17/2014 - 10:27 | 4967281 HUGE_Gamma
HUGE_Gamma's picture

and the f*^*ing 10year yield!!

Thu, 07/17/2014 - 10:31 | 4967305 NOTaREALmerican
NOTaREALmerican's picture

Yield?   Who needs yield when you can always sell higher?

Thu, 07/17/2014 - 10:30 | 4967295 TabakLover
TabakLover's picture

SP up 5 on bad news (Homes).... up 2 on good news (Philly).   I give up

Thu, 07/17/2014 - 10:33 | 4967312 NOTaREALmerican
NOTaREALmerican's picture

You have to adjust that by the API (Asset Price Index) which measure the rate of good inflation.

Thu, 07/17/2014 - 10:30 | 4967299 buzzsaw99
buzzsaw99's picture

buy the ath bitchez!

Thu, 07/17/2014 - 10:33 | 4967310 Squid Viscous
Squid Viscous's picture

i think Sand-dick needs to layoff some folks... holy cow, smells like momo-toast burning

Thu, 07/17/2014 - 11:13 | 4967482 JD59
JD59's picture

More Bloomturd communist propaganda against Gold. I love the fact that Gold is suppressed! I can buy more of it cheaper with my fiat Fed paper. This can't go on forever!

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