Philadelphia Fed Region Dives Back Into Contraction as Shipments Plunge

by Mike ‘Mish’ Shedlock
Mish Talk

Economists were excited last month when the Philadelphia Fed manufacturing region index broke into positive territory.

Economists expected a continuation (as they invariably do whenever there is good news). Instead, the index is back in contraction with a huge plunge in shipments.

The Blooomberg Econoday consensus for the Philly Fed Manufacturing Index was +9 in a range of +5 to +15. The reported number was -1.6, well below the lowest prediction of +5.

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