Holy Crap! Total collapse! The Philly Fed index just came in at -30.7, an epic drop form the +3.2 we saw last month.
Estimates were actually for it to go somewhat higher to +2. The situation confirms the bad news we got earlier this week from the Empire Fed.
A horrible sign for the economy, as the double-dip scenario looks more real than ever.
A small sample: Responses to the Business Outlook Survey this month suggest that regional manufacturing activity has dipped significantly. The survey’s broad indicators for activity, shipments, and new orders all declined sharply from last month. Firms indicated that employment and average work hours are lower this month.
Find out more at http://www.businessinsider.com/august-philly-fed-report-2011-8
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