Once again, there's a little something for everyone in yet another soft survey macro data point. The headline Philly Fed print missed expectations by the most since February and fell from 28 to 22.5 in September. So that's the bad news... The great news is that the employment sub-index surged to iuts highest since May 2011. That great news comes despite a plunge in the average workweek and collapse in hope as the outlook index fell to 3-month lows.
Headline disappoints...
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But employment rips to its highest since May 2011...
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Full Breakdown...
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Charts: Bloomberg
