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Philly Fed Spikes On Best ‘New Orders’ Print In 45 Years – What Happened Next?

Courtesy of ZeroHedge. View original post here.

The headline Philly Fed index spiked, jumping from 23.2 to 34.4 – smashing all analyst expectations (beating the median estimate by almost 8 standard deviations)

Prices Paid drifted lower as did the six-months-forward outlook…

But, New Orders exploded from 18.40 to 40.60 – the highest since March 1973…

But as the chart above shows – 8 months later, the US economy was in recession.


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