Initial Claims & Philadelphia Fed Manufacturing

Summary: Unemployment continues to worsen, 4 week moving averages increasing near and long term.

Emasculation continues as the Philly region’s manufacturing sector showed continued weakness,

expectations for future activity have deteriorated sharply over the past four months.

Initial Claims 02/16 -9K 349K vs 358K Full Report

Inside the number: 4 week MA +10.75K at 360.5K. Continuing unemployment +48K at 2.736M; 4 week MA +28.75K at 2.752M

Philadelphia Fed Feb -24 vs -20.9 Full Report

Inside the number: Price pressures were very evident along with negative readings of the indexes

for most of the broad current indicators: activity, new orders, shipments, and average hours worked.

The future growth index has declined 57 points over the past four months. For the first time since 2001,

more firms expect declines in activity and employment over the next six months than expect increases.

Future general activity index declined from 5.2 in January to -16.9,

its first negative reading since January 2001 and the lowest reading since 1990. Futures for capital expenditures plunged.