Philly Fed Smashes Expectations Despite Tumbling New Orders & Employment

With 'soft' data broadly tumbling to catch down to 'hard' data's demise, today's Philly Fed exuberance stands out like badly-adjusted sore thumb. Beating expectations by 6 standard deviations (38.8 vs 18.5 exp),

the breakdown shows employment dropped, new orders dropped, prices paid dropped, but shipments surged.

 

Looking at the full breakdown of the Philly sentiment print, most of the component and especially future indicators fell. For example, the 6m outlook fell to 34.8 from 45.4 previously…

"Seasonal" adjustments to the rescue?


via Read More Here..

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s