After June's hope-strewn dead-cat-bounce, Philly Fed has plunged back to the lows of the year. Printing 5.7, missing expectations of 12.0, this is the biggest miss since January. It appears the weakness in Q1 (and Q2) and now Q3 was more than just weather... or port closures... as the employment index plunged to its lowest since January.
Not the post-weather bounce everyone called for...
[3]
Breakdown...
[4]
Meanwhile hope remains...
Most of the survey’s broad indicators of future growth edged slightly higher this month. The future general activity index increased 2 pointsto its highest reading since January. The future index for new orders increased 1 point, while the future shipments index fell 6 points, after reaching a 10-month high in June.
The future employment index was essentially unchanged compared with last month. More than 31 percent of the firms expect expansion in their workforce over the next six months, while 9 percent expect a reduction.
or maybe it's just more delusion.
Charts: Bloomberg
