Philly Fed Crashes By Most On Record To 9 Year Lows

After soaring unexpectedly to two-year highs in February (as stocks ignored the global disruptions), Philly Fed's Business Outlook Survey has collapsed in March. From 36.7 in February, Philly Fed plunged to -12.7 (massively worse than the +8 estimate from clearly cognitively challenged analysts). That is the weakest level since September 2011...

Source: Bloomberg

This is the biggest drop in Phily Fed... ever...

Source: Bloomberg

Under the hood - everything tumbled...

  • March prices paid fell to 4.8 vs 16.4

  • New orders fell to -15.5 vs 33.6

  • Employment fell to 4.1 vs 9.8

  • Shipments fell to 0.2 vs 25.2

  • Delivery time fell to -9.1 vs 2.7

  • Inventories fell to 1.7 vs 11.8

  • Prices received fell to 6.8 vs 17.1

  • Unfilled orders fell to -7.4 vs 7.4

  • Average workweek fell to 0.5 vs 10.3

And worse still, the outlooks plunged...

  • Six-month outlook fell to 35.2 vs 45.4

  • Six-month outlook for capex fell to 12.0 vs 29.8

New Orders crashed and jobs are set to fall further...

So the question is - WTF were people thinking in February?