Philly Fed big upside in contrast to NY

By Peter Boockvar - November 18th, 2010, 11:43AM

In stark contrast to the much weaker than expected NY survey out on Monday, the Nov Philly Fed survey was well above expectations at 22.5 vs the forecast of 5 and up from 1.0 on Oct. It’s at the best level since Dec ’09. New Orders jumped to 10.4 from -5. The Employment index went to 13.3 from 2.4 and the Average Workweek rose almost 17 pts to +10.9. Order backlogs rose to 3.7 from -8.9 and Inventories rose 12.7 pts to -5.9. Prices Paid rose 2.5 pts to 34, the best since May and Prices Received rose 7 pts but remained negative at -2.1. The 6 month outlook also improved to 49 from 41, the highest since March. Bottom line, there is nothing to quibble with in this data point as the improvement was broad based but on the heels of the very negative NY #, let’s see some more regional surveys and a reconciled ISM before jumping to conclusions. With this said, most of the economic data, ex housing, does continue to slowly improve.

PERMALINK
Category: MacroNotes.

Comments

Please use the comments to demonstrate your own ignorance, unfamiliarity with empirical data, ability to repeat discredited memes, and lack of respect for scientific knowledge. Also, be sure to create straw men and argue against things I have neither said nor even implied. Any irrelevancies you can mention will also be appreciated. Lastly, kindly forgo all civility in your discourse . . . you are, after all, anonymous.

2 Responses to “Philly Fed big upside in contrast to NY”

chartist Says:
November 18th, 2010 at 1:00 pm
Have you been to upstate New York? I fished in Pulaski this year and I can tell you there’s no chance of improvement in that town. I hear Watertown is almost as bad…….Upstate NY might as well be renamed Hell….And those folks just love their enormous property tax bills on their tiny decrepit shacks, all in the name of supporting Manhattan.
Ltdata Says:
November 18th, 2010 at 1:44 pm
“In stark contrast”: Gee, some real actual GOOD news for once? Really? Really?? S i g h.

Anybody had enough of the: line of perps to jail (delayed yippee), gov’t bailout (Warren – what went right, never mind why it happened; Barry – what went wrong/fix it before it happens again), inflation peek a boo, Fed – go where no one has gone before (never mind how or if we get back), etc. Stock market bingo? No good there either: now a misleading leading indicator. Sheesh. (Did I miss anything?, my bad).

Time out: I’m gonna watch the Giants/Eagles games this Sun.