Philly Fed Crashes From 21-Year High; Employment, New Orders Collapse

What a farce. After printing 40.8 in November - a 21 year high - Philly Fed collapsed back to 24.5 (missing expectations of 26.0). New Orders, employment (lowest since April), and the workweek plunged as The Philly Fed notes the survey suggests a slower pace of expansion of the region’s manufacturing sector. Despite plunging oil prices, the prices paid index only fell modestly... on the heels of the PMIs, it appears the "US economy is awesome" meme is coming unglued rapidly.

And the full breakdown...

The December Manufacturing Business Outlook Survey suggests a slower pace of expansion of the region’s manufacturing sector.

Firms were less optimistic about employment increases over the next six months, however, and concerns about rising health?care costs continue to be reported.

Comments

[Al Huxley]

So what?  What does the economy, and 'jobs for the little people' have to do with the stock market?  Janet's got the important people covered, that's all we need to know.

[junction]

"If a tree falls in a forest and no one is around to hear it, does it make a sound?"

If the world economy collapses and there is no one around to notice the crashing sound, such as reporters and politicians, did the economy really crater? 

Tomorrow's metatphysical question will deal with reality, how can a person with a B average in college and near failing grades in English become President. (Don't give away the answer, Larry Summers!)

[Ahoy Polloi]

So it looks like Bo Diddley was right. The Rochefocauld IS, IN FACT, worth only $50 bucks in Philly these days.

[MathWins]

Great comment!

[WhyDoesItHurtWh...]

We Phillet some folks.

[Stoploss]

WTF??  Slower expansion???  In America, we manufacture debt, and not one fucking thing else...

If you track what you actually manufacture, then you get the results you seek.

Like in this chart right here.

http://research.stlouisfed.org/fred2/series/GFDEGDQ188S

[rccalhoun]

subjective polls with small sample size = worthless data

but, its bearish so stocks up

if it was bullish (for economy--stocks up anyway)

[thatthingcanfly]

Why the hell is gold getting smashed on this news?

[Al Huxley]

Don't worry, it's really hangin' in there at 1200, I see a major run coming.  Look at those miners!  Hangin' tight in the face of temporary gold weakness!  They must know somethin'!

[Tsar Pointless]

So 18,000 on the Dow is assured today?

Got it.

Bullish.

[KnuckleDragger-X]

Watching the market today things are really confused, one major algo going stupid could screw things up quickly.....

[alexmark2013]

Market has an unhealthy reliance hanging on every word of someone who also doesn't know what the future holds http://investmentwatchblog.com/market-has-an-unhealthy-reliance-hanging-on-every-word-of-someone-who-also-doesnt-know-what-the-future-holds/

[KnuckleDragger-X]

The definition of Pavlovian effects in action but it requires constant re-enforcement....

[wmbz]

This is very,very good news and will carry the DOW onward and upward! The road to recovery has many twists and turns.

In the land of make believe, it's always sunshine and lollipops!

[Al Huxley]

It used to be that in volatile downtrends you'd get a big gap up in the morning, and then weakness and selling during the day, but I'm sure that's not the case anymore - no need to worry, put these numbers, and the popped shale bubble out of your mind, all's well.

[orangegeek]

MOAR GUBBAMANT DATA - FUCK YA!!!!!!!!!!!!!

[macambaman]

Philly cheese steak index!

[Handful of Dust]

"There's never been a better time then now to be unemployed."

[surf0766]

You mean the election rigging failed?

[MathWins]

Cooking the books...the stuff in the oven is starting to burn.

[yogibear]

Moar printing to speed up the wealth transfer.

QE4 is a given for 2015.