Succinct Summations for the week ending August 21st Positives: 1. Housing starts came in at 1.21mm, up from 1.2 and better than the 1.185 expected. 2. Philly Fed came in at 8.3, up from 5.7 and better than the 6 expected. 3. Mortgage rates fell to another multi month low at 4.11%, 4. Refinance applications...Read More
The Federal Reserve Bank of Philadelphia said that growth in the manufacturing sector in its district expanded modestly in August,Read the Rest...
After July's hope-crushing drop in the Philly Fed manufacturing survey, August printed 8.3, modestly higher than expectations of a modest rise to 6.5. Prices Paid and Prices Received tumbled as did New Orders but the headline index rose thanks to a pick up in employment and average workweek. Show More Summary
The Philadelphia Federal Reserve's latest reading on manufacturing activity in the region is due at the top of the hour. Economists estimate that the index rose to 6.8 in August from 5.7 last month, according to Bloomberg. This index...Show More Summary
"Nothing to see here, folks" was the reaction most analysts had to a completely shocking report earlier this week that showed manufacturing business conditions in New York State deteriorated at their fastest pace since the start of the financial crisis.
NOTE: CR is on vacation this week and will return on Sunday, August 23rd.Thursday:• At 8:30 AM ET, The initial weekly unemployment claims report will be released.• At 10:00 AM, the Philly Fed manufacturing survey for August. The consensus...Show More Summary
It appears some are finally waking up... Correction: three of the Fed's 12 presidents are now Goldman Sachs alums. NY, Dallas and Philly. 25% from one bank. Amazing. — Josh Zumbrun (@JoshZumbrun) August 17, 2015 Others, broadly disparaged by the "some" as "conspiracy theorists", have known all of this for a long, long time.
From the Philly Fed: The Federal Reserve Bank of Philadelphia has released the coincident indexes for the 50 states for June 2015. In the past month, the indexes increased in 40 states, decreased in seven, and remained stable in three, for a one-month diffusion index of 66. Show More Summary
From the Philly Fed: July Manufacturing Survey Manufacturing activity in the region increased modestly in July, according to firms responding to this month’s Manufacturing Business Outlook Survey.... The survey’s broadest measure ofShow More Summary
The Federal Reserve Bank of Philadelphia said that growth in the manufacturing sector in its district slowed somewhat in July.Read the Rest...
After June's hope-strewn dead-cat-bounce, Philly Fed has plunged back to the lows of the year. Printing 5.7, missing expectations of 12.0, this is the biggest miss since January. It appears the weakness in Q1 (and Q2) and now Q3 was more than just weather... Show More Summary
At 10:00 a.m. ET, the Philadelphia Federal Reserve will release its latest reading on manufacturing activity in the region. Economists estimate that the index fell to 12.0 from 15.2 in June, according to Bloomberg. Earlier this week, Bank of America Merrill Lynch highlighted research showing that this index is the best indicator of economic growth. Show More Summary
From Jon Hilsenrath and Kate Davidson at the WSJ: Fed’s Yellen Aims to Move Rates Up Soon, but on a Slow PathFed officials have indicated they could move rates as early as September, though many investors expect the Fed to wait until December. Show More Summary
The key economic reports this week are June Housing Starts on Friday, and June Retail sales on Tuesday.For manufacturing, the June Industrial Production and Capacity Utilization report, and the July NY Fed (Empire State) and Philly Fed...Show More Summary
From the Philly Fed: The Federal Reserve Bank of Philadelphia has released the coincident indexes for the 50 states for May 2015. In the past month, the indexes increased in 35 states, decreased in 10, and remained stable in five, for a one-month diffusion index of 50. Show More Summary
The Federal Reserve Bank of Philadelphia said that new orders and shipments rebounded in June, lifting its headline manufacturing indexRead the Rest...
From the Philly Fed: June Manufacturing Survey Manufacturing conditions in the region improved in June, according to firms responding to this month’s Manufacturing Business Outlook Survey. Indicators for general activity, new orders, and shipments remained positive and increased over their readings in May. Show More Summary
The Philadelphia Federal Reserve's latest manufacturing report came in at 15.2, crushing expectations for a reading of 8.0. This is the highest reading for the measure since December. The report showed that demand for manufactured goods...Show More Summary
Off topic: A bizarre sight in California... crabs attack! Click on photo for larger image. Photo taken at China Cove in Newport Beach, CA by Steven.From the WaPo: Why these bright, tiny crabs are blanketing Southern California beachesThey...Show More Summary
The key economic report this week is May Housing Starts on Tuesday.For manufacturing, the May Industrial Production and Capacity Utilization report, and the June NY Fed (Empire State) and Philly surveys will be released this week. For prices, May CPI will be released on Thursday.The FOMC meets on Tuesday and Wednesday this week. Show More Summary