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Weak Philly Fed Survey Looks Recessionary In Tone

DATA REACT

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


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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