Regional Fed surveys were almost uniformly weak in June
The Philly Fed survey smashed expectations (+5.0), rising to 12-month highs at 21.8 from 0.3 in June.
This is the biggest MoM jump since June 2009!
Under the hood, everything exploded higher…
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July prices paid rose to 16.1 vs 12.9
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New orders rose to 18.9 vs 8.3
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Employment rose to 30.0 vs 15.4
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Shipments rose to 24.9 vs 16.6
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Delivery time fell to 15.0 vs 15.6
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Inventories rose to 8.1 vs 2.4
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Prices received rose to 9.5 vs 0.6
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Unfilled orders fell to 3.7 vs 10.2
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Average workweek rose to 23.0 vs 7.3
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Six-month outlook rose to 38.0 vs 21.4
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Six-month outlook for capex rose to 36.9 vs 28.0
In fact, employment is at a record high for the survey!!
Do these ‘soft’ surveys have any value whatsoever when they can swing from 3 year lows to 1 year highs over the space of one month?
via ZeroHedge News https://ift.tt/2Yj0tDT Tyler Durden