After 2 months of notably unusual negative prints, November's Philly Fed rose from -4.5 to +1.9 (the best MoM rise since June). Sadly, the survey's headline gains were driven by a big surge in 'hope' as the outlook surged from 36.7 to 43.4, as under the covers of the current business environment was a collapse in prices paid, further deterioration in new orders and shipments, and a plunge in average workweek.
Philly Fed remains well below 'recovery' averages...
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As the underlying components expose some harsh realities...
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As the average workweek collapses...
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Charts: Bloomberg
