While the Philly Fed's headline sentiment indicator jumped from 19.9 to 25.7 (above the 21.5 expectations), it is what's under the covers that it most interesting.
1. Hope is fading fast... (Philly Fed 'Business Expectations plunged to their lowest since March 2016)
2. Orders up, Staff down?... (New Orders rebounded but the number of employees dropped to lowest since Sept 2017)
3. Margin Compression looms... (Prices Received - Prices Paid is collapsing as the inability to pass on higher input costs to a cash-strapped consumer is crushing margins)
But apart from that, everything is awesome.