Here Are The Nightmare Details Behind The Ugly Philly Fed Miss

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Philly Fed data came in this morning lower than expected, with a disappointing -0.7.The number is the second negative in a row for the Philly Fed Index, indicating a legitimate slowdown.

We have the details that indicate a prolonged slowdown right here, including hiring plans, capital expenditures, and new orders.

(*Note: Each chart shows a “diffusion index” meaning it shows the difference between positive respondents, and negative ones.)

Business activity continues its drift downward.

Source: Philly Fed

New orders now have a steady drift down.

Source: Philly Fed

Current shipments are only now starting to show signs of slippage.

Source: Philly Fed

Delivery times are now consistently lower.

Source: Philly Fed

And prices, which never looked great, now are looking worse.

Source: Philly Fed

Employment has pretty much flatlined.

Source: Philly Fed

The average work week shows a steep decline.

Source: Philly Fed

Future business activity still declining.

Source: Philly Fed

Future employment has hit zero.

Source: Philly Fed

Capital expenditures looking positive though.

Source: Philly Fed

Prices declining in the future as well.

Source: Philly Fed

Future new orders showing a revival, though.

Source: Philly Fed

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