Philly Fed survey shows collapse in activity

Just three months ago, my headline was Philly Fed Index Highest Since 1984. I don’t have many comments on the latest data because it is in line with the weak data we have seen out of the US in recent weeks. I will say this; I expect Q2 growth estimates to continue to decline as the data come in.

Here are a few points worth highlighting from the survey:

  • Overall: “The broadest indicator of future activity fell sharply in June, recording its lowest reading in 31 months.”
  • Outlook: “The survey’s indicators for activity and new orders turned negative this month, while indicators for shipments and employment fell but remained slightly positive.”
  • Inflation: “Indicators for prices show a continuing trend of moderating price pressures.”
  • Jobs: “Firms’ responses suggested little overall improvement in the labor market this month.”

  1. El Viejo says

    Thanx for the info man, but the FED is always last to show up with valid data.

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