Like its NY counterpart last week, today's release of the Philadelphia Fed Manufacturing report was significantly lower than expected (-16.6 vs 0.0), coming in at its lowest level since August. As shown in the table to the right, there wasn't much in the way of bright spots below the surface either. Of the nine sub-indices, the only one that was not negative was number of employees. As shown in the chart below, while this month's reading was low, it remains above the lows from last Summer, and if (big if) those lows hold, the uptrend from the recession lows in 2008-2009 will remain intact. Continue reading.
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