What a farce. After printing 40.8 in November - a 21 year high - Philly Fed collapsed back to 24.5 (missing expectations of 26.0). New Orders, employment (lowest since April), and the workweek plunged as The Philly Fed notes the survey suggests a slower pace of expansion of the region’s manufacturing sector. Despite plunging oil prices, the prices paid index only fell modestly... on the heels of the PMIs, it appears the "US economy is awesome" meme is coming unglued rapidly.
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And the full breakdown...
[4]
The December Manufacturing Business Outlook Survey suggests a slower pace of expansion of the region’s manufacturing sector.
Firms were less optimistic about employment increases over the next six months, however, and concerns about rising health?care costs continue to be reported.
