Posted on 08/18/2011 7:52:26 AM PDT by Oldeconomybuyer
NEW YORK (Reuters) - A gauge of factory activity in the Mid-Atlantic region plummeted in August, falling to the lowest level since March 2009 and casting more doubts on the strength of the economic recovery, a survey showed on Thursday.
The Philadelphia Federal Reserve Bank said its business activity index dropped to minus 30.7 from positive 3.2 the month before and was far below economists' expectations for positive 3.7, according to a Reuters poll. It missed the poll's lowest forecast for minus 10.0.
It was the biggest month-over-month drop since October 2008, during the heart of the credit crisis.
(Excerpt) Read more at finance.yahoo.com ...
Interesting that the vaulted “Wall Street Economists” missed the Philly Fed number by 8 standard deviations.
Correlation between Philly Fed and NFP (non-farm payroll) is very good, predicing a possible -700,000.
See http://www.zerohedge.com/news/scariest-chart-ever-philly-fed-versus-non-farm-payrolls
Is there a gauge of factory activity in the Mid-East China Sea region?
I don’t click on many links, but that one doesn’t seem to work.
They still have factories on the upper Eastern Seaboard?
Apparently there were a few operating until quite recently, but this report indicates they are gone now. Well, that’s OK; those people didn’t want to live next to some smelly old factory anyway. The neighborhood is much better now.
No windmills or gas wells either, please. Just magically produce all the stuff we want “somewhere else” and deliver it in endless quantities at no cost to our homes. We Americans deserve no less.
I think it’s just bad luck.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.