On the heels of a dismal series of global macro data points (all weather-related we are sure as G10 Macro drops to 8-month lows), this morning's US PMI debacle (nope, no weather there) has been followed up by a much more reassuring disastrous (and of course we are sure weather-related) miss. Philly Fed printed -6.3, missing expectations of +8.0 by the most since Aug 2011 (and dropping most since then). This is the lowest print in a year. New orders and shipments collapsed, inventories surged, employment plunged, and the average workweek dropped notably. Just imagine all that pent-up demand... oh wait, expectations for future new orders fell to at least 6 month lows.
G-10 Macro (must be weather everywhere?)
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Philly Fed Orders vs. Inventory prints 3rd largest decline in history
* Feb. Prices paid fell to 14.2 vs 18.7 prior month
* New orders fell to -5.2 vs 5.1 prior month
* Employment fell to 4.8 vs 10.0 prior month
* Shipments fell to -9.9 vs 12.1 prior month
* Delivery time rose to 2.9 vs -3 prior month
* Inventories rose to 3.6 vs -20 prior month
* Prices received rose to 7.6 vs 5.1 prior month
* Unfilled orders fell to -2.6 vs -1.0 prior month
* Average workweek fell to -7.0 vs -5.3 prior month
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Charts: Bloomberg