This morning’s Philly Fed survey came back with some awful details, indicating that the strength of the U.S. economy is now in sharp decline.The headline survey number plummeted from 18.5 to 3.9. It was expected to rise to 20. We’re not in negative territory yet, but the survey suggests that optimism is fading
It’s part of a broader trend shows continued weakness in the U.S. economy: bad data on the real estate market, jobless claims consistently above 400,000, and continued concerns about rising inflation.
It’s important to note that there is some good news here in the charts, with the survey number on the employment situation improving. Also, if your big concern is inflation and inflation expectations, there’s some good news here for you too.
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