Briefing.com with the details:
The Philadelphia Fed Index didn't live up to expectations. A reading of -7.5 was worse than the consensus estimate of -4.8 and down from the June reading of -2.2. The dividing line for this report between expansion and contraction is zero.
Strikingly, the six-month outlook for general business activity dipped to 51.9 from 60.1 in June. The July reading is still comfortably above the 37.7 six-month average, yet the pullback speaks to the increasing reservations about the pace of recovery in the face of a continued rise in unemployment.
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi7G-yQQTjrUL77l8Y6qS5q5Fn2qfTfbxFzU2d2AHdH_XKYrnjkS1rdIHb5nCg8FxmOQBaRzrXfVi2EzB1-Z66leL12wDRgyG6gOrtGjOyUi_clZ3T_zPgltEbr33l2An2WsgtXPxoWf94/s400/phildefd1.png)
Looking at the changes from June through July, we see longer work weeks (due to less employees), higher prices paid / lower prices received, and an increase in new orders (but less filled and shipped).
![](https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEh_xkBQSoFpO8Csu0IzDVVCdJtFHumKDRysT5nwhHvXcfW7pvofYzm3IC757tVJCTvAByk48db0S3U1L47SVofuHcHyxKiXZ8ktJt-RYeObeTq-Ebnwe4jnNvKPQp7RSEa8m2rBLS0eGRc/s400/phil4.png)
Source: Philly Fed
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