From Pragmatic Capitalism:
Surprising weakness in the Philly Fed data startled the market two weeks [ago]. As Econoday noted, the data is not pretty and likely means the manufacturing sector will show future weakness:
“Manufacturing indications out of the Mid-Atlantic region are decidedly negative for August. The Philadelphia Fed’s general business conditions index fell to minus 7.7 to indicate month-to-month contraction in business activity.
"New orders, at minus 7.1, show a second straight monthly decline in what is a definitive indication of weakness. Unfilled orders extended a run of declines. Shipments also fell in the month as did employment and the workweek. Inventories also fell while delivery times quickened. Today’s report is..."
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