Philly Fed Rises, Despite Employment Index Slide; Outlook Has Biggest Drop In 6 Months

Tyler Durden's picture

Following yesterday's paradoxical Empire Fed print which saw an increase despite two thirds of its subcomponents dropping, we get a Philly Fed number which came in better than consensus estimates of 9.0, printing at 10.2, compared to 7.3 previously. Here, unlike yesterday, at least the number made sense with New Order rising from 6.9 to 11.7, as well as shipments, unfilled orders, and delivery times. What did not increase was the Number of Employees which dropped from 11.6 to 1.1. But don't tell the BLS. Also don't tell the market that margins are now contracting even more, with Prices Paid rising by 6.9 points as prices received rose by 3.8. Last, and not least, the Six Months Outlook plunged from 49 to 33.3, the largest drop in 6 months. Is the hopium going away?

Full breakdown:

Big change in outlook:

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GeneMarchbanks's picture

'Is the hopium going away?'

Not if you take another hit.

Dr. Engali's picture

I don't like the cloudy head and the munchies that come along with taking a hopium drag. I prefer a tall cool Guiness or a good cabernet.

WonderDawg's picture

Just because you're paranoid, doesn't mean they're not out to get you.

Dr. Engali's picture

Yeah I forgot about that part. I get paranoid enough  hanging out here :)

Cognitive Dissonance's picture

It is best to assume from here on out that all economic numbers are false and grossly manipulated. BUT we must still follow them in order to detect changes in the herd mentality.

brooklynlou's picture

Er, there is no herd anymore. The % of the market made up of individual investors is so minute as to render it meaningless.

earleflorida's picture

indeed CD

the stock market is no longer an open market, but a corral

Cassandra Syndrome's picture

Beats Estimates, bitchez. Meanwhile does Greece exist?

scatterbrains's picture

With Bernank in complete control of the long end of the bond market and as TLT begins to roll over, is he trying to jack gasoline prices sky high into the election cycle ?

Manthong's picture

Well at least there is some more good news out there sure to cheer everyone up..

GM books record annual profit; union workers due $7,000

GM also said Thursday that its 47,500 blue-collar workers in the U.S. will get $7,000 profit-sharing checks in March. The checks are based on North American performance and are a record for the company.



Dr. Engali's picture

It's easy to book a profit when you have uncle gorrilla/sam helping you cram down shitty cars to the dealers. Blue collar workers get a bonus for "record profits" but the white collar workers get the shaft. That's real good for business. GM should be a dead company with it's shitty carcass picked over.

FlyoverCountrySchmuck's picture

"It's easy to book a profit when you have uncle gorrilla/sam helping you cram down shitty cars to the dealers."


No bull....

GM is channel-stuffing, BIG-TIME, for Obama Propaganda to say that manufacturing numbers are in 'RECOVERY!", while the dealers scream STOP!, and GMAC/ALLY buys credit criminals with scores as low as 450 to try and move the dead stock.


You just can't believe some of the crap that's going on out there, just to keep the numbers up until the election. PEOPLE SHOULD BE IN JAIL, but we all now know that DC Democrats are above the law. What the hell, eh? It's just TAX MONEY....

trillion_dollar_deficit's picture

Im sure all those former bondholders who were illegally jipped from their contracturally bound monies will appreciate this news.

Thanks Obama+!

Moneyswirth's picture

Awesome.  Pay-back to one of your largest political donors (unions) via the Great American Money Laundering Scheme known as Washington DC just in time for the big spring/summer election push.  Or should I say "putsch"?

To paraphrase Jim Morrison, Americans get the government they deserve, or vote for rather.

Heckuva job, America.

i root for that fat jersey governor's picture

I hope tyler and the persistent "bears" here covered their shorts yesterday -- you don't get a down day that easy these days. you better run. Market going UP!

ekm's picture

Right now, ANY DATA is spun only to justify or not cocainated easing. They wanted cocainated easing 1 and 2? Yes, data was revealed at it was, really bad.

They do not want it now due to food and eneryg inflation? Ok, data is spun as good.

The Fed are people you know, they want to keep getting paid. Going against the congress is never a good idea.

besodemuerte's picture

B to the U to the LLISH!!!

Magnix's picture

I dont understand they are saying Jobless claims plunged last week to a nearly four-year low and now ZH is saying employment has slided 6 month low? Please advise.

Davalicious's picture

I note that silver, and gold, are down quite a bit today.

smiler03's picture

I've learnt not to speak too early, it's too easy to look like a buffoon, which I am anyway :O)

I see silver and gold are up today.

Conman's picture

I give up, can't fight the machine. Going all in AAPL.