After 6 months of dismal data, Philly Fed bounced back in June. Printing at 15.2 against expectations of 8.17. this is the biggest beat of the year but remains below levels seen over a year ago. Tis will be celebrated we are sure as heralded Yellen's big comeback but under the covers, employment tumbled and Prices-Paid exploded higher by the most since 1973...crushing margins - hardly a sign of strength.
A bounce but some context shows it not so exuberant...
The breakdown is mixed...
[3]
Prices Paid spiked by the most since 1973!!!
[4]
Crushing Margins...
[5]
Charts: Bloomberg
