Philly Fed Misses Again As New Orders, Jobs, Workweek, & Inventories Crash…”a total and utter disaster”
by Tyler Durden
ZeroHedge.com
10/15/2015
Philly Fed general business activity somehow managed to rise very modestly in October from -6.0 to -4.5 but missed expectations. This the second monthly decline in a row – not seen since 2013. We say “somehow” as the underlying components were a total and utter disaster. New Orders collapsed from +9.4 to -10.6, Unfilled orders crashed to -11.7, Employment plunged from 10.2 to -1.7, and workweek evaporated from +7.0 to -7.3. Even “hope” collapsed with future expectations dropping from 44.0 to 36.7 with CapEx expectations cliff diving.
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