US Philly Fed
  • Prior was +6.2

  • New orders -17.6 versus -5.1 last month
  • Employment +12.0 versus +24.1 last month
  • Six month capex +4.6 vs +18.0 last month
  • Six month outlook --3.9 vs -10.6 last month
  • Prices paid 29.8 versus 43.6 last month

The prices paid index was the lowest since Dec 2020. The worry here is that new orders are falling as well, raising the odds of a slowdown at the same time that prices are already falling.