On the heels of a dismal series of global macro data points (all weather-related we are sure as G10 Macro drops to 8-month lows), this morning’s US PMI debacle (nope, no weather there) has been followed up by a much more reassuring disastrous (and of course we are sure weather-related) miss. Philly Fed printed -6.3, missing expectations of +8.0 by the most since Aug 2011. This is the lowest print in a year. New orders and shipments collapsed, employment plunged, and the average workweek dropped notably. Just imagine all that pent-up demand… oh wait, expectations for future new orders fell to at least 6 month lows.
via Zero Hedge http://ift.tt/1l1EoiG Tyler Durden