Before we all get too excited about the drop in the Philly Fed, lets remember that this isn't the first time that it's diverged from the ISM manufacturing index.
- Employment -1.3 vs +17.9 prior
- New orders -1.2 vs +2.7 prior
- Six-months future business conditions +15.0 vs +33.8 prior
The details of the report are worrisome but it's unlikely that manufacturing dropped off a cliff in May.
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