Courtesy of ZeroHedge View original post here.
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…
Source: Bloomberg
Looking into the details, we see that new orders contracted dramatically, as did the workweek as backlogs are worked through:
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June prices paid fell to 64.5 vs 78.9
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New orders fell to -12.4 vs 22.1
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Employment rose to 28.1 vs 25.5
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Shipments fell to 10.8 vs 35.3
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Delivery time fell to 9.9 vs 17.5
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Inventories fell to -2.2 vs 3.2
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Prices received fell to 49.2 vs 51.7
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Unfilled orders fell to -7.0 vs 17.9
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Average workweek fell to 11.8 vs 16.1
And most troubling of all, the six-month outlook fell to -6.8, its weakest since 2008…
Source: Bloomberg
The Philly Fed is leading the way lower in June across regional Fed surveys…
Source: Bloomberg
Is this what Powell wants?