Free Trial

Philly Fed Bounces But Still Far From Strong

US DATA
  • Reasonable beat for the Philly Fed manufacturing survey in August as it increased from -12.3 to +6.2 (cons -5.2), helping offset the large miss from the Empire State survey.
  • The press release sets the tone though: “Although the general activity index turned positive, it was low, and the new orders index remained negative.”
  • Further, in the opposite development to Empire, 6-months ahead general activity saw a smaller improvement, from just -18.6 to -10.6 and only just poking above the brief prior low of -12.4 from Feb’08.
  • It hit concurrently with a small improvement in jobless claims, with initial dipping to 250k (cons. 264k) from a downward revised 252k in a payrolls reference week.
  • It sees Tsys pare gains but with yields still down -2.5-3.5bps across the curve.


To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.