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Philly Fed Drops To 4-Month Lows, Employment Tumbles

Tyler Durden's picture




 

Despite a small beat of expectations at 20.7 vs expectation sof 19.8 but down from 22.5 , Philly Fed fell for the 2nd month from 3-year highs to 4-month lows.

Under the surface things were even less agreeable with employment and average workweek tumbling notably. As the table below shows, the number of employees was whacked in half to just 12.1, while the employee workweek actually dipped into negative territory at -1.3

Forward-looking expectations dropped driven by a fall in capital spending expectations, which slid as now has become the norm, from 23.7 to 18.9.

The punchline from the Philly Fed's summary:

The October Manufacturing Business Outlook Survey suggests continued expansion of the region’s manufacturing sector. Firms reported continued increases in new orders but slower growth in activity, shipments, and employment this month. The survey’s future activity indexes remained at high readings, suggesting continued optimism about manufacturing growth. Firms were less optimistic about employment increases over the next six months, but one-third of the firms still expect to hire additional workers.

Oh well, there is always the 7th half of 2014 for Tim Geithner's August 2010 "recovery" to finally flourish.

 

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Thu, 10/16/2014 - 10:09 | 5341063 Bloody Muppet
Bloody Muppet's picture

Bullish!

Thu, 10/16/2014 - 10:10 | 5341074 playnstocks
playnstocks's picture

MOAR!

Thu, 10/16/2014 - 10:09 | 5341064 Bloody Muppet
Bloody Muppet's picture

Bullish!

Thu, 10/16/2014 - 10:11 | 5341077 Bell's 2 hearted
Bell's 2 hearted's picture

Homebuilders index out

 

prior ... 59

consensus ...59

consensus range ... 56 to 61

 

actual ... 54

Thu, 10/16/2014 - 10:12 | 5341081 saints51
saints51's picture

This patsy is so funny.lol - He makes me laugh and sad thing is people listen to this crap.

Cramer: Why Ebola is behind the selloff

http://www.cnbc.com/id/102093672?trknav=homestack:topnews:2

Thu, 10/16/2014 - 10:22 | 5341140 starman
starman's picture

Ebola should take care of that. Give it couple months.

Thu, 10/16/2014 - 10:49 | 5341310 thamnosma
thamnosma's picture

Can't you just feel this recovery?

Thu, 10/16/2014 - 13:58 | 5342409 Graph
Graph's picture

"Realestate Solutions,  how can we help you!"

"Yes, we are looking for a place to call home. It should be located where it is less likely to be nuked by future enemies, Ebola free and protected from roaming masses with pitch forks in case of unrest. It should have a space for us to grow our own in case of disruption in food suply, water of course...let's see...well, that should cover it."

"No problem, we have few locations just like that. When we can meet ?"

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