PHILLY FED OUTLOOK COLLAPSES

The Philadelphia Federal Reserve says its business outlook survey declined 15.7 points to -6.3 in February.

Consensus expectations was for a reading of 8.0, down from 9.4 prior.

It’s the lowest reading in about a year.

Factory and new orders both dipped into negative territory. The employment sub-index remained positive but fell 5.2 ponits.

The future outlook sub-index improved.

The Phily Fed’s website is currently down.

Here’s what it’s been looking like recently:

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