Philly Fed Manufacturing Cools Off

The Philly Fed’s manufacturing index cooled off in December, coming in at 24.5.

Expectations were for the come in at 26.0 down slightly from last month’s blowout 40.8 reading. 

The report’s general activity, new orders, shipments, and employment indicators suggest growth, though these readings were down from November’s reading. 

Expectations for the next six months declined from November, but still remained optimistic. 

November’s reading was the highest reading since December 1993, though a number of economists questioned the report, calling it “mind-boggling” among other things. 

In a note to clients following Thursday’s report, Ian Shepherdson at Pantheon Macro said, “In one line: Back to normal after November fluke.”

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