‘Soft’ Data Slumps – Philly Fed Plunges Most In Over 2 Years As Trumphoria Fades

zerohedge.com / by Tyler Durden / Apr 20, 2017 8:38 AM

Having surged to its highest levels since 1984 in February, Philly Fed’s Manufacturing survey (soft data) has collapsed in the last two months (biggest drop since Jan 2015). The 22.00 print mised expectations and was the lowest since Dec 2016 amid a big slump in new orders and shipments.

The index for current manufacturing activity in the region decreased from a reading of 32.8 in March to 22.0 this month. The index has been positive for nine consecutive months and remains at a relatively high reading but has moved down the past two months. Thirty-seven percent of the firms indicated increases in activity in April, while 15 percent reported decreases.

Crucially the ‘hope’ subcomponent plunged to 45.5 (contracting) – the lowest since the election.

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