Philly Fed Creeps Back Into Positive Despite Collapse In Prices Paid, Workweek

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...

 

As the underlying components expose some harsh realities...

 

As the average workweek collapses...

 

Charts: Bloomberg