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Philly Fed Drops To 4-Month Lows, Employment Tumbles

Despite a small beat of expectations (20.7 vs 19.8), Philly Fed fell for the 2nd month from 3-year highs to 4-month lows. Under the surface things were even less agreeable with employment and average workweek tumbling notably. Forward-looking expectations dropped driven by a fall in capital spending expectations.

 

 

Chart: Bloomberg