Tag Archives: Philly Fed Unexpectedly Back In Contraction; Weather Blamed Again

Mish/ Mike Shedlock – Philly Fed Unexpectedly Back In Contraction; Weather Blamed Again – 20 February 2014

 MishMikeShedlockThe Philadelphia Fed Bloomberg Consensus for the Philly Fed manufacturing index was 9.4. The index came in -6.3.
HighlightsThe Philly Fed’s headline index for general conditions fell back into the negative column, to minus 6.3 vs January’s 9.4. This is the first negative reading since May.

Last month’s big 7.8 point decline in the new order index signaled the trouble for today’s report. And new orders are even worse for February, in negative ground at minus 5.2 for a major 10.3 point decline. Unfilled orders are also in negative ground, at minus 2.6 for a 1.6 point decline from January. Continue reading