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Philly Fed Hovers Near 15-Month Lows, Prices Paid Collapse Most Since Lehman
After a very modest bounce in April, Philly Fed fell again in May, printing a disappointing 6.7 (against 8.0 expectations). Philly Fed has now missed 5 of the last 6 (and 7 of the last 9) months. While new orders picked up, prices paid plunged at recessionary pace, inventories tumbled, and the average workweek slumped. Hope also tumbled as future expectations dropped.
Philly Fed hovers neasr 15 month lows...
Prices Paid are signalling recessionary environment...
Charts:Bloomberg
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sure seems like we need a few moar trillion in qe. hurry and let stocks drop 2-3% so everyone can panic and yellen can get the printers going.
Poor Ol' Lehman, the Red Headed step Child of the Economic World. No love, no respect.
The FED's problem is they rely on computer models but since humans are chaos on two legs they cannot be given a value in the model and it never occurs to them that the economy only exists because of people. They need to toss all their Keynesian textbooks and try Austrian and Chicago School economics where what the people do is actually thought about and accounted for....
This morning I left my biggest Krugman in the toilet bowl since Lehman.
Most since Lehman?
Holy Fuck!!
"Most since Lehman" phrase reminds me of the assholes on Craigslist or Ebay that claim that every piece of crap they are selling is "Rare"
Please Sir, I want some MOAR. [/Twist]
Big Yawn. That and the shitty KC Fed report and 4 shitty numbers today just means STOCKS SET MOAR RECORDS! Buy - anything