The big economic datapoint of the day was the collapse of the Philly Fed Index.
The Philly Fed Index is a closely-watched measure of the regional manufacturing economy.
The survey looks at all kinds of items (employment, new orders, cost of goods, etc.) but the general headline number — which came in at -16.6 basically tells the story.
As you can see based on the greyish line, it’s collapsed, and is near its lowest levels since the recession ended.
Photo: Philly Fed
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