5 Scary Charts From That Disastrous Philly Fed Survey

Philadelphia flyers

Photo: AP

The Philadelphia Fed index fell to a catastrophic -30.7 in August, from 3.2 in July, its lowest level since March 2009.Combine this with Monday’s empire manufacturing survey for New York, which fell to -7.72, and the numbers reinforce concerns about the faltering U.S. economy.

We peeled through the report and found more ugly details…

The general business activity index tanked

Companies are seeing sales drop with new orders falling to -26.8

Shipments also fell to -13.9, down from 4.3 previously

Employment has gone from flat to negative territory, ending the momentum in hiring

Unsurprisingly then there has been negative growth in the average work week

But do you know what signals a recession?

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