More negative news from the edge of the double-dip.
The Philly Fed's Diffusion Index of current manufacturing conditions (for the Philadelphia region) is at 5.1, down from 8 last month. Although still positive, this is the second straight month of decline.
Most alarming the new orders index declined into negative territory, as it fell 13 points. This is the first move into negative territory in 12 months.
16% percent of firms are reporting decreases in prices, 76% are reporting stable prices and only 8% reported experiencing rising prices. (Not a good sign for gold short-term.)
No comments:
Post a Comment