Traders are scratching their heads after the Philly Fed. The general business conditions index rose to the highest since March 2011 but 7 of 9 of the sub-components indicators declined, including the key new orders, employment and shipments numbers.
Philly Fed components
The good news was in the components of the future outlook survey, where 8 of 10 sub-components surged.
Philly Fed outlook for 6 months.
It’s a strange contrast and in general the market is skeptical of any future optimism because so many false dawns in the US economy have turned into duds.
