Philly Fed Slumps To 6-Month Lows As National Activity Index Jumps To 6-Month Highs
By Tyler Durden
In the first wave of macro data today, initial claims beat expectations, dropping to 253k near record lows (but remains wildly divergent from tumbling consumer confidence). Following June's rebound in Philly Fed, July missed expectations tumbling to six-month lows, back to a contractionary -2.9 (against expectations of a flat print of +4.5). Finally, Chicago Fed's National Activity Index surged unexpectedly to six-month highs (+0.16 vs -0.20 exp) but the smoother 3-month avg remains in contraction for its 17th straight month.
If the jobs market is so awesome, judging by initial claims near historic lows, then why is US consumer's economic confidence collapsing?
Philly Fed's bounce into the green in June is over with July printing back to its lowest since Jan 2016…
Which is odd given that almost all the subindices improved…
And finally The Chicago Fed's National Activity Index surged back into positive territory (the highest since January) but the 3-month average remains in negative territory for 17 months…
So take your pick – bias confirming data abounds.
Charts: Bloomberg
Source: Philly Fed Slumps To 6-Month Lows As National Activity Index Jumps To 6-Month Highs
