Philly Fed non-manufacturing regional activity index 5.1 vs 26.7 prior

This is a low-tier indicator but that’s a troubling drop

– Business activity 21.4 vs 24.8 prior

– New orders 14.5 vs 20.5

– Employment 12.8 vs 16.6 prior

– Wage index 32.6 vs 28.2 prior

The sub-indexes look okay and this isn’t a data point with much of a track record so expect the market to ignore it.

sumber: