Thursday, October 15, 2009

Philadelphia Fed Positive

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Here is the accompanying chart

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The overall index is still positive, but it dropped from 14.1 to 11.5. However, the new orders index increased from 3.3 to 6.2. However, there is some weakness in the report. Specifically employment is still down and given its current reading of -6.8 I'm not expecting a strong rebound any time soon. In addition, future expectations -- while still positive -- have been decreasing.

Overall I'd call this a bullish report, but with a few important caveats.