Discussion in 'Market Predictions and Reports' started by MTnews, Aug 18, 2011.
Per the Federal Reserve Bank of Philadelphia, during the month of August, factory activity in the Philadelphia region weakened sharply to the lowest level seen in over two years, adding to fears that the economy has ground to a halt. Philly Fed’s business outlook survey fell to negative 30.7 in August from 3.2 in July, striking the lowest reading seen, since March 2009 - readings below zero indicate contraction in the region’s factories. The New York Fed’s Empire State manufacturing survey fell to a reading of negative 7.7, the third straight negative monthly reading. New orders index plunged to negative 26.8 from 0.1 and unfilled orders index worsened to negative 20.9 from negative 16.3. Shipments index fell to negative 13.9 from 4.3. Employment index dropped to negative 5.2 from 8.9. Prices paid index dropped to 12.8 from 25.1 and prices received index fell to negative 9.0 from 1.1 in July. Headline consumer-price inflation rose 0.5% in July, with core prices, excluding food and energy prices, rose 0.2%.