With Philly Fed surging to record highs (along with stocks) but Services PMI dropping "as the recovery fades," it was left to Dallas Fed to split the buy good news or buy bad news dilemma this morning. It was bad news - from 2012 highs, Dallas Fed plunged to 7.1 (against 12.7 expectations) for the biggest miss in 16 months. Show More Summary
`` in case you were wondering how it is possible that Philly Fed surged given such shitty internals [7 out of 9 sub-indices dropped], the 6-month forecast index ("hope") just surged to 22-year highs.''
The Philly Fed's Business Outlook Survey is a monthly report for the Third Federal Reserve District, covers eastern Pennsylvania, southern New Jersey, and Delaware. The latest gauge of General Activity came in at 28.0, an increase from last month's 23.9.
A special question on the impact of Obamacare on businesses in the August Philly Fed Manufacturing Survey shows the stunning failure of Obamacare.Here are the results in table form. I added the net results in red. click on chart for sharper image Net Percentage of Manufacturing Firms That... Show More Summary
Earlier from the Philly Fed: August Manufacturing Survey The diffusion index of current general activity increased from a reading of 23.9 in July to 28.0 this month. The index has increased for three consecutive months and is at itsShow More Summary
Remember all those allegations that Obamacare would be an unmitigated disaster for businesses, especially smaller companies? Well, now we have proof. As the Philly Fed, which mysteriously soared at the headline level even as the vast...Show More Summary
The Federal Reserve Bank of Philadelphia reported healthy gains in manufacturing activity in August, with the fastest pace since MarchRead the Rest...
So much for extrapolating record profit margins holding up the equity "market"... Chart: Bloomberg
Philly Fed has beaten expectations for 6 months in a row with its biggest surge since the 2009 lows. Against expectations of 19.3, Philly Fed printed 28.0 - highest since March 2011 all-time highs. All sounds awesome right? Umm, no,Show More Summary
Today's release of the Philly Fed report for the month of August not only came in stronger than expected, but the General Business Conditions index hit its highest level since March 2011. While economists were forecasting a level ofShow More Summary
The latest manufacturing report fom the Philadelphia Federal Reserve is expected at the top of the hour. Expectations are for a reading of 19.7, lower than 23.9 reported last month. Last month's report far outpaced expectations for a reading of 16.0. We'll be back with the live numbers when they hit. Join the conversation about this story »
From Andrew Ross at the San Francisco Chronicle: Household income hasn't shared in recoveryAs of June, median annual household income was 4.8 percent below December 2007, when the recession began, dropping from $56,000 to $54,000. Going...Show More Summary
One particularly useful font of information for state-level economic activity in the U.S. is the Federal Reserve Bank of Philadelphia, also known as the “Philly Fed”.
The key reports this week are July Housing Starts on Tuesday and Existing Home Sales on Thursday.For manufacturing, the August Philly Fed survey will be released on Thursday. For prices, July CPI will be released on Tuesday.The key focus of the week will probably be on Fed Chair Janet Yellen's speech at Jackson Hole on Friday. Show More Summary
NEW YORK (Reuters) - Economists raised their forecasts for U.S. economic growth in the third quarter but trimmed their estimates for the balance of 2014, though the outlook for both job growth and lower unemployment was strengthened....Show More Summary
In an unscheduled release moments ago the Fed's Plosser just explained why he was the sole dissenter with the FOMC's announcement. Here is the punchline: "I cast a dissenting vote because I opposed retaining the statement language that...Show More Summary
In a massive six-year heist, six Philadelphia police officers viciously beat up drug suspects and stole more than $500,000 from the people they were investigating, federal agents said Wednesday.
In a massive six-year heist, six Philadelphia police officers viciously beat up drug suspects and stole more than $500,000 from the very people they were investigating, federal agents said Wednesday.
Today's report on manufacturing activity in the Philadelphia region came in better than expected (23.9 vs 16.0), hitting its highest level since March 2011. This report confirmed the strength in manufacturing that we saw in the Empire...Show More Summary
The Federal Reserve Bank of Philadelphia said that manufacturing activity expanded at its fastest pace in over three years (MarchRead the Rest...