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Philly Fed Stagnant At 2015 Lows Amid Weaker Prices And New Orders
After July's hope-crushing drop in the Philly Fed manufacturing survey, August printed 8.3, modestly higher than expectations of a modest rise to 6.5. Prices Paid and Prices Received tumbled as did New Orders as deflation has firmly reappeared: "percentage of firms reporting reductions in prices received exceeded those reporting increases in prices received", but the headline index rose thanks to a pick up in employment and average workweek. The bottom line is that Philly Fed's survey is flatlining at the lowest levls in 2 years; and on a side note, the not-discussed-much Philly Fed non-manufacturing survey utterly collapsed from 51.4 to 2.7 in July.
Philly Fed is going nowhere:
The breakdown was mixed:
And The Philly Fed's special question sums it all up: global trade is disappearing.
Philly Fed increased from 5.7 in July to 8.3 in August. This index has hovered in a low range since the beginning of the current year, far below the highs of late 2014. The demand for manufactured goods, as measured by the survey’s current new orders index, remains low as well, falling slightly more than 1 point to 5.8 in August. However, the current shipments index rebounded 12 points to 16.7.
Input price pressures were subdued: The prices paid index fell 14 points, to 6.2. With respect to prices received for manufactured goods, a majority of firms (81 percent) reported no change in prices. The percentage of firms reporting reductions in prices received (11 percent) exceeded those reporting increases in prices received (6 percent) for the first time in three months.
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Finally we have the Services side of Philly Fed collapsing...
July Philadelphia Fed Non-Manufacturing Index at 8.1
- July general activity for the firm fell to 2.7 vs 51.4
- New orders fell to -5.4 vs 27.0
- Sales fell to -21.6 vs 32.4
- Unfilled orders fell to -2.7 vs 10.8
- Inventories fell to -2.7 vs 5.4
- Prices paid fell to 18.9 vs 35.1
- Prices received fell to 5.4 vs 32.4
- Full-time employment fell to 5.4 vs 24.3
- Part-time employment fell to -2.7 vs 32.4
- Average employee workweek fell to 0.0 vs 18.9
- Wages and benefits fell to 24.3 vs 35.1
- Capital expenditures- plant fell to 10.8 vs 16.2
- Capital expenditures- equipment fell to 5.4 vs 18.9
Charts: Bloomberg
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With or without the Fed’s move, we are getting DISEMBUBBLED. ;-)
Looney
Yea but there is a whole lot of pent up demand out there, just waiting for the holiday sales!
Build it and they will come - or was that just a dream? The American Dream?
The American Dream: "You Have To Be Asleep To Believe It"http://www.zerohedge.com/news/2014-11-02/american-dream-you-have-be-asle...
Keynes dream of magical shit bought with money you don't have. It's all wonderful and the road goes on forever.....
A positive index implies growth. Is "slower growth" really a collapse? A 4.5% edge for "decreased modestly" doesn't exactly fit the "global trade is disappearing" comment.
Hyperbole is hyperbole, regardless of your expectation bias.
And save your shill claims, Okie is long au/ag. Just trying to keep it real in a world of illusions.
'Everytime I try to talk fundamentals, somebody pulls Cramer out they ass!'...
These ads on ZH are getting ABSURD.
I cannot even read the title of the article on the homepage
And the pop up ads are just SILLY nuts
ZH, please get ur act together on this issue
U have jumped the shark
Maybe you are willing to pay for a no-ad subscription? The site has to make money somehow. I have no problem dealing with these ads when I get exemplary first-class research from Tyler.
sandrapowers, two words:
Chrome
Adblock
The Pope is coming to Philly in late September. I expect the numbers to change significantly on the upside. I will be leaving because I am not going to be dealing with that mess.
Just wait 'til the August auto sales numbers roll in.