December Philly Fed data
- Prior was +10.4
Details:
- Employment +17.8 vs +21.5 prior
- New orders +9.4 vs +8.4 prior
- Prices paid +19.0 vs +7.8 prior
- Future index +35.2 vs +35.8 prior
The question for manufacturing and for the broader global economy is whether we're bottoming out and bouncing or just skidding along the bottom. In some data points -- like housing -- there is clearly a re-acceleration but that's the most interest rate sensitive sector. Things that are tied to global demand aren't showing as much life and even some signs on the consumer are sluggish. The market is betting on a rebound but evidence of it is thin so far, particularly in factories.
