Philadelphia Fed better than expectations
- new orders index 21.3 versus 13.3
- employment index 9.6 versus 19.1
- prices paid index 32.7 versus 38.9
- prices received 24.8 versus 29.0
- futures index 31.2 versus 29.9
The Philly index is a welcome surprise. The NY and Richmond Fed index both showed unexpected declines. The indes is also still above the 0 line. That is the good news.
The not so good news is that the gain comes after the lowest reading since August 2016. The high from 2018 was up at 32.30.
Stocks in premarket trading are off low levels with the Dow implying and 87 point decline now. 2 and 5 year yields are higher on the day now as well (were lower earlier (up about 3 bps from the lows).
