Philly Fed - Softening - MarketTicker Forums

Posted 2012-04-19 10:04
by Karl Denninger
in Macro Factors

Manufacturing firms responding to the April Business Outlook Survey indicated that regional manufacturing activity expanded modestly this month. The survey’s broad indicators for general activity, new orders, and shipments all remained positive but fell slightly from their readings last month. The indicator for current employment, however, showed a notable improvement. Price pressures were only slightly more widespread this month. The survey’s broad indicators of future activity remained at relatively high readings, and firms were more optimistic about their plans for hiring over the next six months.

Yeah, ok. Nice try.

The diffusion index came in at 8.5, down from 12.5 last month. New orders and shipments were both down, unfilled orders (backlog) was an outlier and showed build, inventories were up (a lot) and prices paid were also up (not so good), far more than prices received (very bad.)

More ominously while hiring took place employee workweek contracted. That implies overshoot in the activity by employers, which is very bad on a forward basis.

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