Bwuahahaha… Against expectations of a small drop to 18.5, the Philly Fed business outlook ‘survey’ printed 40.8 – its highest since 1993. This is a 10-sigma event, more than doubling last month’s 20.7 print. New Orders surged (17.3 to 35.7), Shipments doubled, Prices Paid collapsed (27.6 to 17.3) and Prices received plunged. As the number of employees rose to 2011 highs. It appears we are going to need a better seasonal adjustment…
Biggest beat on record, highest in 21 years…
The Breakdown…
Charts: Bloomberg
via Zero Hedge http://ift.tt/1qzfjQW Tyler Durden