For the 2nd month in a row, Philly Fed missed expectations (printing at 7.00 vs 10.00 exp) holding close to 7-month lows. Prices Paid dropped the most but it was the outlook sub-indices that are the most concerning with the surveyed expecting a big drop in the average workweek, the number of employees and a drop in New Orders and Shipments. Add to that a plunge in expectations for CapEx to 9-month lows (amid its biggest 3-month drop in 5 years!) and all-in-all, it's not as pretty a picture as Bernanke painted about the rosy horizon...
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As Capex outlook collapses...
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