Philly Fed July 2022
  • Prior was -3.3
  • New orders -24.8 versus -12.4 last month
  • Employment 19.4 versus 28.1 last month
  • Six month capex 4.4 vs 11.7 last month
  • Six month outlook -18.6 vs -6.8 last month
  • Prices paid 52.2 versus 64.5 last month

This index is rapidly worsening. Inventories have quickly been rebuilt and new factory orders are drying up. The good news is that price pressures are nearly back to neutral.