This is not the 'Philly Fed'. That's a manufacturing survey, this is a low-tier services survey

  • Firm-level business activity 26.3 vs 37.5 prior
  • New orders 15.8 vs 30.0 prior
  • Wage and benefit costs 33.3 vs 22.5 prior
  • Employment 10.5 vs 20.0 prior

This isn't a survey that moves the market. The sub-indexes tell a different story than the headline.