The Philadelphia Fed's Manufacturing Index dropped to -7 in August 2024, down from July’s 13.9 and missing expectations of 7. This marks the first contraction since January, with declines in shipments, new orders, and employment turning negative. Despite relatively stable labor market data, inflation remains a concern with rising prices paid and slower price growth received. These mixed signals suggest the Federal Reserve is less likely to proceed with a 50 basis point rate cut.
47 sats \ 2 replies \ @Satosora 15 Aug
Another contraction.
What do you mean stable job market?
Stable as in a lot of people unemployed and on federal and state benefits?
reply
20 sats \ 1 reply \ @TomK OP 15 Aug
it is crucial how the market receives such data, and not how we see it. the same applies to inflation figures. we may report and criticize the falsifications in our circle again and again, but what counts is what the market thinks about it, and that is stable labor market data from the market's point of view
reply
47 sats \ 0 replies \ @Satosora 15 Aug
I dont feel it is stable.
Once people see the real results, it will fall even faster.
reply