Details of the September Philly Fed:
- Prior was +8.3
- Lowest since Feb 2014
- Worst than the lowest forecasts on BBG
- Employment 10.2 vs 5.3 prior
- Shipments 14.8 vs 16.7 prior
- New orders 9.4 vs 5.8
- Prices paid 0.5 vs 6.2
Another poor manufacturing reading underscores headwinds from the strong US dollar and slowdown in emerging markets. The Fed is focused on the 'now' but this is a sign about 6-12 months from now and it will only be worse if the Fed does more to boost the dollar.
Looking through the details, they're much better than the headlines suggest. It's tough to pinpoint why the main index fell so hard.
