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4/18/13, "Philly Fed Is Latest Economic Miss: Number of Employees Dumps, Inventories Plunge," Zero Hedge
"Hardly anyone will be surprised to learn that moments ago we just got
the latest disappointing economic indicator for an economy that is
clearly accelerating in its deterioration. As expected, the April Philly
Fed was the latest economic indicator miss, printing at 1.3, down from
last month's 2.0, and below expectations of am increase to 3.0. And
while the key New Orders reverted back into negative territory after one
brief month positive, it was the other components of the Index that a
far more pronounced deterioration, namely the Number of Employees which
dumped from 2.7 to -6.8, the biggest drop since May 2012, boding ill for
the upcoming April NFP number, as well as the Inventories which plunged
from 0.0 to -22.2, which means downward Q1 GDP revisions will be
forthcoming from every side momentarily as the Wall Street lemmings are
forced to resume trimming their exuberance once more just like in
2012... and 2011... and 2010."...
The report
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