Details from the February 2016 US Philly Fed business outlook index report 18 February 2016
- Prior -3.5
- Employment -5.0 vs -1.9 prior
- New orders -5.3 vs -1.4 prior
- Prices paid -2.2 vs -1.1 prior
- Prices rec'd -4.5 vs -2.8 prior
- Capex +2.5 vs +9.40 prior
- 6m expectations +17.3 vs +19.10 prior
A marginal miss but the underlying numbers paint a gloomier picture.
Companies reported continued declines in inventories and employment fell to the lowest since May 2013.
It's pretty much par for the course for this sector but at some point we're going to start seeing these employment numbers biting into the main jobs data.
FX is largely ignoring the numbers anyway
US Philly Fed manufacturing index
