by Mike ‘Mish’ Shedlock
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.