July 21, 2022 12:42 GMT
A few highlights (lowlights?) from July's Philly Fed survey- Fed implied hikes pared a few basis points on the back of the survey, which is definitely recessionary in tone:
- Lowest reading for future general activity since December 1979
- Employment weakest since May 2021 (though still increasing employment on net and future employment index higher)* 4th consecutive drop in current general activity
- New orders down for 2nd consecutive month, but current shipments higher
- Current inventories and unfilled orders were negative
- Prices paid and prices received declined for the 3rd consecutive month but continued to suggest widespread price increases.
Source: Philadelphia Fed