Against expectations of a 18.0 print, February's Philly Fed exploded higher to 43.3 – the highest since January 1984. This is a 10-standard-deviation beat, led by a surge in new orders and the workweek, despite a decline in 'hope' and the number of employees.
Everything is Awesome America… especially in Philapdelphia?
For context, that is a 10-sigma event…
But 'hope' declined…
And as the full breakdown shows, the number of employees declined, as did inventories and prices received.
Is this as good as it gets?
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