Another day, another ‘soft’ data point disappointments and heads towards it ‘hard’ data reality. This time is the turn of the Philly Fed survey, which missed expectations and dropped to 19.5 – its lowest since Nov 2016.
Remember Philly Fed hit a 33 year high in February – what does it say about these surveys that it is now languising back at 9 month lows?
New Orders collapsed, employees tumbled, and average workweek slumped…
but hope rose very modestly for business activity 6-months ahead.