Philly Fed Crashes Most In 4 Years To Lowest Since Election

Philadelphia area business opimism just went full Keyser Soze... "And just like that, the soft-survey-driven recovery meme was gone..."

While the real 'hard' economic data has been disappointing of late, 'soft' survey data has remained exuberantly hoping for a better future just around the corner. Well The Philly Fed Business Outlook survey just blew that up as it plunged from 34.4 to 19.9 (well below expectations of 29.0 and below even the lowest analysts' estimates).

This is the biggest drop in the survey since Feb 2014 and it is now at its weakest since Nov 2016.

New Orders collapsed...

Average workweek tumbled, Unfilled Orders contracted, and Prices Received fell more than Prices Paid fell (contracting margins)...

Even more painful is the 6-months forward outlook plunged to 34.8 - also the lowest since Nov 2016.