Free Republic

The Philadelphia Fed said its manufacturing index soared in February to a 33-year high, in another indication of improving business sentiment in the wake of a Republican election sweep. The Philadelphia Fed index surged to a reading of 43.3 from 23.6 in January. That’s the highest level since early 1984, on a scale where any reading above zero indicates improving conditions. That is well above the MarketWatch economic consensus was for a reading of 20. It was also the biggest one-month gain in the index since June 2009.

Janet Yellen has been approved as Federal Reserve Chair by the US Senate Banking Panel. And the Philadelphia Fed Index plunged to 6.5 in November from 19.8 in October. Economists were expecting a read of 15. Philly Fed Nov More troubling in the Philadelphia Fed report is the decline in average employee workweek. Philly Fed Details Oct Of course, Janet Yellen being approved by the Senate Banking Panel has nothing to do with the Philly Fed Index plunge. Or does it? Yellen has been on the Bernanke QE team and we know that it has not been successful restoring life...