Posted on 09/16/2010 7:27:14 AM PDT by blam
Philly Fed Index WAY Lower Than Expectations At Negative 0.7%
Gregory White
Sep. 16, 2010, 10:00 AM
Philly Fed data came in lower than expected this morning, at -0.7%.
That's two negative numbers in a row.
The consensus was for a positive 3.8.
That being said, the market is actually higher post-release.
Here's the headlines from the release:
Results from the Business Outlook Survey suggest that regional manufacturing activity was nearly flat in September. For the second consecutive month, firms reported a decline in both new orders and shipments. The general activity index increased to -0.7 from a reading of -7.7 in August.
Employment levels remained steady this month, but firms reported declines in average work hours.
The survey's broad indicators of future activity continue to suggest that the region's manufacturing executives expect growth in business over the next six months, but optimism remains below levels earlier in the year.
Read the full report here >
Last month, Philly Fed data came in disappointingly low, at a negative 7.7 for July when a positive 7 was expected.
So this number is an improvement on last month, but not much of an improvement at all.
[snip]
(Excerpt) Read more at businessinsider.com ...
Well, the Mohs scale stood at 6.5, while the expected value was 9.5, the highest value in nearly six months.
And the Richter scale was expected to be 7.2, but it came in at 5.1 for the second straight month.
And Bode’s Law predicted 4.4, but unexpectedly it missed the asteroid belt again.
But Ohm’s Law saw the eagle over the rabbit (or was it the rabbit under the eagle) just as predicted.
On the whole, these regular statistics being released are really lousy.
The MSM in conjunction with the current administration will continue to spin, but even those who don’t follow all the releases on a regular basis are now seeing they’re being lied to.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.