The manufacturing survey from the Philly Fed
– Prior was -2.9
– 6 month index 45.8 vs 33.7 prior
– Capex 19.2 vs 15.1
– Employment -20.0 vs -1.6 prior (worst this year)
The details are volatile. The drops in employment and new orders are a worry but better capex and inflation tend to balance it out.
