Update: Holy cow.
The Philly Fed index just came in at -30.7, an epic drop form the +3.2 we saw last month.
Estimates were actually for it to go somewhat higher to +2.
The situation confirms the bad news we got earlier this week from the Empire Fed.
A horrible sign for the economy, as the double-dip scenario looks more real than ever.
Markets at lows of the day.
Here's the key summary of the report:
Responses to the Business Outlook Survey this month suggest that regional manufacturing activity has dipped significantly. The survey’s broad indicators for activity, shipments, and new orders all declined sharply from last month. Firms indicated that employment and average work hours are lower this month. Price indexes continued to show a trend of moderating price pressures. The broadest indicator of future activity also weakened markedly, but firms still expect overall growth in shipments, new orders, and employment over the next six months. The collection period for this month’s survey ran from August 8-16, overlapping a week of unusually high volatility in both domestic and international financial markets.
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