The key economic reports this week is September retail sales on Tuesday.For manufacturing, September Industrial Production will be released on Friday, and the October NY and Philly Fed manufacturing surveys will be released this week.For prices, CPI will be released on Thursday. Show More Summary
Milwaukee joins the party with its lowest ISM print since April 2009. Based on the regional Fed survey collapse - Dallas, Richmond, New York, Philly, Chicago, and even Kansas City - it's unanimous - they are all flashing recessionary warnings. Show More Summary
And the regional Fed survey collapse goes on... Dallas, Richmond, New York, Philly, Chicago, and now Kansas City... Kansas Fed prionts -8 (missing expectations of -6), now negative for the 7th month in a row... something not seen outside of a recession. Can u say "recession"?
From Dallas to Philly, and from New York to Richmond, the regional Fed surveys have been ugly. So not to be outdone, Chicago Fed's National Activity Index collapsed from +0.34 to -0.41 (dramatically missing expectations of 0.24) and testing 6-month lows. Show More Summary
From the Philly Fed: The Federal Reserve Bank of Philadelphia has released the coincident indexes for the 50 states for August 2015. In the past month, the indexes increased in 41 states, decreased in five, and remained stable in four, for a one-month diffusion index of 72. Show More Summary
Following August's collapse (from 13 to 0), September's Richmond Fed followed on the heels of Philly, Empire, and Dallas Fed surveys and collapsed to -5 - its lowest since January 2013. Under the covers it is a total disaster, the average workweek crashed from 3 to -12 - the lowest level since April 2009 (as did the order backlog). Show More Summary
From the Philly Fed: September Manufacturing Survey Manufacturing conditions in the region were mixed in September, according to firms responding to this month’s Manufacturing Business Outlook Survey. The indicator for general activity fell into negative territory, but indicators for new orders, shipments, and employment remained positive.... Show More Summary
On the heels of Empire Fed's big plunge, Philly Fed just collapsed. Despite employment and new orders picking up, the headline Philly Fed data crashed from 8.3 to -6.0 (missing expectations of +5.9 by the most in 4 years). This is the...Show More Summary
The latest reading on regional manufacturing from the Philadelphia Fed is due at 10:00 a.m. ET. Economists estimate that the index fell to 5.9 in September from 8.3 in the prior month. On Tuesday, the Empire State manufacturing index from the New York fed was a huge miss for a second straight month, at -14.7. Show More Summary
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