Philadelphia Fed Index

The Leading Indicator came in at -0.7% much weaker than the -0.2% expected.  Philadelphia Fed came in Negative at -12.7.  As expected but still shows weakness.  Should continue the dollar weakness trend for the day. 

Expectation was -15.0.  Last month came in at -17.1.  This is the 8th straight month below the zero level indicating contraction.  

Below is a breakdown of the figures.  Employment turned negative.                    

Looking at the details:

• Fed Index -20.9, lowest reading since October 2001
• New Order Index -15.2.  Lowest since November 2001
• Employment Index -1.5.  Lowest since September 2003
• Price Paid 49.8, highest since November 2005).  Prices Received 32 (highest since October 2004)

The report points to slower growth with higher costs. 

Below are the charts of the index trends:

The Philadelphia Fed Index came in at -20.9 compared to the previously revised -1.6. 

Expect -1.0 versus -1.6 Revised figure.

This is the first month at the new time release (previously it was released at 12;00 noon). 

Lower than expected.  Lowest since April of 2003

Employment 0.5 versus 4.8 last

Prices Paid 35 versus 37.7 last

Prices Received 16.7 versus 18.6 last

New Orders 10.7 versus 3.5 last

Future (6 month) General Actvity Index 7.7 versus 11.6.  This is down sharply from a high of 41.5 in October.