The Philadelphia Fed’s manufacturing survey showed that the pace of growth fell from a higher growth rate in recent months, while the survey’s broad indicators for general activity fell into negative territory for the first time in eight months. The reading came in at -5.8 as prices paid and received fell sharply in the report. Bloomberg had the consensus for Philly Fed at 10.0 and the range of estimates was 5.0 to 13.0 for this report.
The Conference Board’s report on Leading Indicators for April fell by 0.1% after being up by 0.3% in March. Bloomberg had estimates of 0.1% for the leading indicators, and the range of estimates was 0.0% to 0.3% for the report. This last month had only five of the ten indicators in the positive, although its coincident index did manage to rise by 0.2%. Delivery times were the worst drag and this was the first negative report in eight months.
The equity markets were all lower ahead of the data and these reports do not exactly signal any great confidence.
JON C. OGG
Top Gaining Stocks
Top Losing Stocks