Results of the April Philly Fed:

  • Prior reading was +2.0
  • Employment -6.8 vs +2.7 prior
  • New orders -1.0 vs +0.5 prior
  • Prices paid +3.1 vs +8.5 prior
  • Six-month business conditions 19.5 vs 32.5 (6-month low)

The headlines is essentially in-line with expectations but the important sub-components are weak. Stocks are testing yesterday’s lows and yen crosses are slipping.