Taking a look at the breakdown of the report, new orders, delivery time, number of employees, and shipments disappointed. These figures are concerning and suggests that September’s reading may also push lower, with the decline in new orders pointing to lower demand in the upcoming months. Also worth noting is the sharp reversal in the number of employees, which recorded a 2.7 decline in August from 4.0 advance the month prior. This does not bode well for the U.S. as initial jobless claims for the week of August 14th rose to the highest level since November.
Philadelphia Fed Business Outlook Survey
Source: Blooomberg
Written by Michael Wright, Currency AnalystTo Receive Future Articles by Email, Please contact me at mwright@fxcm.comMichael Wright is the author of FX Headlines, Fundamentals vs. Technical's, Weekly Spotlight, and Forex Trading Weekly Forecast
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