Shocking Philly Fed Collapse: Biggest Drop Since 2011 US Rating Downgrade

Thursday, February 21, 2019
By Paul Martin

by Tyler Durden
Thu, 02/21/2019

Just in case US stocks needed some more shitty data to surge on, they got it this morning when first the Durable Goods report disappointed, printing below expectations while core CapEx declined for the 3rd consecutive month – its longest stretch below zero since late 2015 – and then the latest Philly Fed print was an absolute shocker, as the regional manufacturing Business Idnex collapsed from 17.0 to -4.1, the first negative and the lowest print since May 2016…

Both the new orders and shipments indexes also fell this month. The current new orders index decreased nearly 24 points to -2.4, and the current shipments index decreased 17 points to -5.3. In fact, the monthly drop in the New Orders index was the biggest since the Lehman bankruptcy.

The Rest…HERE

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