Jan 2023 philly fed
  • Prior was -13.7
  • New orders -10.9 vs -22.3 prior
  • Employment +10.9 vs -0.9 prior
  • Avg workweek +4.0 vs -6.6 prior
  • Capex +10.5 vs +16.2 prior
  • Prices paid +24.5 vs +36.3 prior
  • Future activity +4.9 vs -0.9 prior
  • Delivery times -5.6 vs -7.2 prior
  • Unfilled orders -19.2 vs -14.1 prior

Watching all the regional activity surveys, you can see the bottlenecks and backlogs disappearing at a decent clip. In the big picture, manufacturing is slowing but that's not a surprise given the bullwhip of covid demand. Autos are still holding up the sector as a whole but that will fade by year end. Inflation numbers are coming down.