While Philly Fed’s headline index marginally beat expectations, under the hood, things are not so promising as Prices Paid surged to 7 years highs and Prices Received did not (crushing margins).
Worse still, expectations for new orders (down) and prices (up) signal stagflation dead-ahead.
Once again ‘soft’ survey data is falling back to the reality of weak ‘hard’ data.
via RSS https://ift.tt/2K0lrgM Tyler Durden