Philly Fed Survey Crashes To Pre-Election Lows

Is the soft-survey data about to start collapsing back to hard data reality?

 

Philly Fed survey headline data crashed to 11.9 - the lowest since Nov 2016 (before Trump's election) - dramatically missing expectations of 22.0 (and well below the lowest economists' forecast)...

 

Across the board it was a bloodbath of reality checks as new orders and employment and workweek plunged, shipments tumbled, inventories rose and prices paid (and received) actually fell.

Of course, hope remains that things will re-improve...