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Another Double Digit Negative Philly Fed Print Means Fourth Miss In A Row
Every single economic data point keeps coming worse than expected, and the S&P is just shy of 2012 and probably all time (for those who still care about such things) highs. The Philly Fed just posted its July index print which was as usual abysmal, posting its third negative month in a row, coming in at -12.9, and missing expectations of -8.0 for the fourth month in a row. And while the bulk of index subcomponents were more or less in line, the biggest and most notable change by far was the Number of Employees which tumbled from 1.8 to -8.4. Sadly, which the economic contraction accelerates and print after print is horrible, once again they are not nearly bad enough to usher in New QE any second, even as the market has priced in not only QE 4, but 5, 6, and so on.
Visually:
Full table
And from the release:
Firms responding to the July Business Outlook
Survey continued to report weak business conditions. Although the survey’s indicators for general activity, new orders, and shipments improved from June, they remained negative this month, suggesting overall declines in business. Firms also reported declines in employment this month and shorter work hours. The manufacturers reported near?steady input and output prices this month. The survey’s indicators of activity over the next six months remained positive but moderated somewhat from June.
Indicators Suggest Continued Decreases
The survey’s broadest measure of manufacturing conditions, the diffusion index of current activity, increased from a reading of ?16.6 in June to ?12.9. This marks the third consecutive negative reading for the index (see Chart 1). Nearly 32 percent of the firms reported declines in activity this month, exceeding the 19 percent that reported increases.
Indexes for new orders and shipments remained negative but increased 12 and 8 points, respectively.
Labor market conditions at the reporting firms deteriorated this month. The current employment index decreased 10 points, to ?8.4, its second negative reading in three months. The percent of firms reporting decreases in employment (18 percent) exceeded the percent reporting increases (10 percent).
Firms also indicated fewer hours worked this month: The average workweek index increased 2 points but posted its fourth consecutive negative reading.
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my hopium stem is smoke-filled and i'm getting fucked up what the fuck do i care about neg prints i got all the drugs in the world!
Hope annd Change, BWHAAA HAAAA HAAAAAA
Dope keep your Change
The longer Ben waits, the more he'll have to print. He should have followed the old axiom "If you are going to print, print early."
If he printed early, he'd be due for another print about now anyway. So the appropriate axiom is "print early, print often."
Stimulus spending is drying up...
who cares about philly index, or bad housing number or bad unemployment number ? We have stock market index recovery. The US economy is better than ever, because we have surpass the fundamental and technical analysis. People's wealthy are based on computer generated number. just say how wealthy you want to be, and the HFT will push it all the way there.
Thelma and Louise market.
(to the soud of cowbell).......Rally...Rally..Rally..............Yah.....!!!
End this Depression NOW!
http://www.youtube.com/watch?v=Fg6J1Skptbs
funny as hell rotflmao. The price of chicken has sky rocketed.
who cares about philly index, or bad apartment amount or bad unemployment amount ? We accept banal bazaar basis recovery. The US abridgement is bigger than ever, because we accept beat the axiological and abstruse analysis. People's affluent are based on computer generated number. just say how affluent you wish to be, and the HFT will advance it all the way there.
jogos online
Yet this ridiculous "market" refuses to sell off. I'll bet you Ben is crapping his pants right about now. The market won't give him what he needs to print.
I think that he's crapping his pants because the monster that he's made out of equity markets is about to start a bond sell off.
Who needs to worry about moral hazard? It appears everybody now believes in the free lunch.
More good news for the wily Bernank.....street is gangbanging him with expectations to pull the trigger. The choice is being made for him.....it's smart to play a hard-to-get bald headed nerd.
Looks like its back to buying the dips with the utmost urgency
There was giant dip in Netflix, did you average down?
Bullish!
It means Bernanke will print, and we will be all millionaires and billionaires, and Obama will start giving away iPhones with food stamps to everyone!
Booyah!
Change You Can Believe In
http://media.boreme.com/post_media/2008/rich-zimbabwe-boy.jpg
I hope the lines are not to long.
the Obama recovery is striking out more than Rob Deer and Dave Kingman. Philly Fed is negative.
http://confoundedinterest.wordpress.com/2012/07/19/jobless-claims-rise-dodd-frank-likely-to-be-30000-pages-when-complete-and-we-wonder-why-jobs-are-not-coming-back/
we fired 35% of our work force but look everybody left has a job, (until 10% more need to go)
Wall Street is ruining America
So much for the allegedly-improving jobless claims numbers.
Like Rate-Fixing Scandals? You’ll Love the Credit Default Swap Market
What's in your wallet?
PETER SCHIFF: Our Children May Have To Lead A Violent Revolution To Bring Back Capitalism
There may be a violent revolution; it won't bring back capitalism.
Am I the only person on the planet that sensed a reluctance to print in the Bernank's meeting with congress. doesn't matter. nothing makes sense to me anymore.
How are these forecasters missing by 40% or more?!
With Bernanke parading around with a medicine bag full of heroin, bad data numbers taste great!
"user" made me think of the markets being like that star trek episode where they wage war with computers. Actual bombs missles meant nothing. It was just whatever the algos generated the casualty number would be. I guess the moral was it made traditonal "war" a thing of the past. You just plugged some cals in and you had a outcome. Thats the market today. No data whatsoever means a thing anymore. Just shut it down. Data has been rendered into nothing. You could have printed a -50 on the Philly. youll still have Bens algos ramp. This makes flash crash into childs play. At least they could peg it to a mistake, or quick algo blip. This is deliberate and has gone on forever.. Oh i how wish William Banzai can take this Men at Work/Its a mistake vid and put ben and his algos in it. http://www.youtube.com/watch?v=gArUEEE1OF8