Philly Fed Plunges Into Contraction For First Time Since COVID Lockdowns
Another day, another disappointing macro data point in the US economy. While ‘hard’ data has been tumbling, we now see the usual optimism-filled ‘soft’ survey data giving up hope as Philly Fed’s business barometer plunged into contraction in June (from +2.6 to -3.3), notably missing expectations of a small rebound to +5.0.
This is the first contraction since the COVID lockdowns of 2020...
https://www.zerohedge.com/personal-finance/philly-fed-plunges-contraction-first-time-covid-lockdowns
"Plunges" seems to be getting a lot of use these days.