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Below is a chart and brief excerpt from today’s Market Situation Report written by Tier 1 Alpha. If you’re interested in learning more about the Hedgeye-Tier 1 Alpha partnership, there’s more information here. |
The Philly Fed represents around 11% of the US population. This week’s report went back to the 16-month contractionary trend.
The diffusion index for current general activity slipped from 12.0 in August to -13.5 in September, marking its 14th negative in the past 16 months. Firms reporting decreases rose to 29%, surpassing the 16% reporting increases. Indicators for new orders and shipments also declined, with the new orders index dropping from +16.0 to -10.2 and the shipments index decreasing to -3.2. Employment continued to decline, with the index at -5.7, as 19% of firms reported a drop, 14% an increase, and 67% saw no change. The average workweek index slightly decreased from 6.3 to 4.7.
Overall, this was a very disappointing report for the soft-landing/re-acceleration thesis.
