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Philly Fed Mfg Survey Hits New Post-2009 Lows Outside Of Pandemic

US DATA
  • The Philly mfg survey surprisingly slid in February at -24.3 (cons -7.5) after -8.9, which outside of the pandemic is the lowest since the months after Lehman.
  • The survey continues its recent trend of moving in the opposite direction of the Empire survey which bounced back from -32.9 to -5.8 yesterday, highlighting volatility in any given regional Fed series albeit with Philly typically less noisy than Empire.
  • Both current activity and new orders remained negative whilst “price indexes continued to suggest overall increases but were in line with long-run averages”.
  • The overall 6-month ahead index meanwhile was relatively stronger, holding just about positive at 1.7, still relatively depressed historically but the second highest since May and off -13.2 in October.

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