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Philly Fed blames weather for February plunge

  • "Severe winter weather contributes to weak business activity," says the Philadelphia Fed, leading off its business outlook survey for February.
  • Full report
  • The headline number of -6.3 fell from 9.4 in January and is the first negative print in nine months. New Orders fell to -5.2 from 5.1. Shipments plunged to -9.9 from 12.1. Delivery Times -10.6 from -2.8. Prices paid 35.3 vs. 18.7.
  • Asked about the state of underlying demand, more than 45% said it was increasing, while 19% said it was decreasing.
  • Optimism remains about the next six months, with the future general activity index rising 5.8 points to 40.2.
  • The Treasury market is buying the bad weather excuse, with prices remaining lower and yields higher. TLT -0.2% and the 10-year yield up a basis point at 2.75%.
  • ETFs: TBT, TLT, TMV, TBF, EDV, TTT, TMF, SBND, ZROZ, TLH, DLBS, VGLT, UBT, TLO, LBND, TYBS, TENZ, DLBL
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Comments (4)
  • GaltMachine
    , contributor
    Comments (1168) | Send Message
     
    So I guess that means when and if we ever get global warming it will be really good for the US economy :)
    20 Feb 2014, 10:42 AM Reply Like
  • DeepValueLover
    , contributor
    Comments (9171) | Send Message
     
    What BS excuse will they use when it is 65 degrees outside everyday..."light breezes and partly cloudy conditions have caused the slowdown"?
    20 Feb 2014, 10:53 AM Reply Like
  • heraklius
    , contributor
    Comments (110) | Send Message
     
    So the Philly Fed miss was due to the weather but the Markit PMI beat helped by the weather? What gives?
    20 Feb 2014, 12:42 PM Reply Like
  • fred1724
    , contributor
    Comments (67) | Send Message
     
    Nothing from the Fed or the government is anything but manipulated BS.
    20 Feb 2014, 05:05 PM Reply Like
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