It was ugly in macro-land today with existing home sales crashing (as home prices hit record highs). But a couple of Regional Fed surveys really laid an egg...
First out of the gate was the Philly Fed Services Activity Survey, which puked in July from two-year highs to near four-year lows...
Source: Bloomberg
The indexes for general activity at the firm level, new orders, and sales/revenues turned negative. The full-time employment index suggested a decline in employment, and prices are rising once again...
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New orders fell to -7.1 vs 6.7
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Sales fell to -3.5 vs 14.3
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Prices paid rose to 30.2 vs 24.4
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Full-time employment fell to -4.9 vs 14.6
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Part-time employment fell to 4.0 vs 13.1
Of particular note was that the capital expenditures-equipment fell to 10.8 vs 24.5... not a great sign for the future of AI investment that is still supporting stocks.
And it's not just Services, The Richmond Fed Manufacturing Survey crashed to -17 (the worst since the peak of the COVID lockdowns)...
Source: Bloomberg
And under the hood, it was even more of a shitshow...
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Shipments fell to -21
-
New order volume slowed to -23
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Order backlogs rose to -20
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Capacity utilization slowed to -13
-
Inventory levels of finished goods increased to 20
Overall, it's bad news as Bidenomics shits the bed...
Source: Bloomberg
We just cannot wait to hear what Harris has up her sleeve to 'fix' this...
It was ugly in macro-land today with existing home sales crashing (as home prices hit record highs). But a couple of Regional Fed surveys really laid an egg…
First out of the gate was the Philly Fed Services Activity Survey, which puked in July from two-year highs to near four-year lows…
Source: Bloomberg
The indexes for general activity at the firm level, new orders, and sales/revenues turned negative. The full-time employment index suggested a decline in employment, and prices are rising once again…
-
New orders fell to -7.1 vs 6.7
-
Sales fell to -3.5 vs 14.3
-
Prices paid rose to 30.2 vs 24.4
-
Full-time employment fell to -4.9 vs 14.6
-
Part-time employment fell to 4.0 vs 13.1
Of particular note was that the capital expenditures-equipment fell to 10.8 vs 24.5… not a great sign for the future of AI investment that is still supporting stocks.
And it’s not just Services, The Richmond Fed Manufacturing Survey crashed to -17 (the worst since the peak of the COVID lockdowns)…
Source: Bloomberg
And under the hood, it was even more of a shitshow…
-
Shipments fell to -21
-
New order volume slowed to -23
-
Order backlogs rose to -20
-
Capacity utilization slowed to -13
-
Inventory levels of finished goods increased to 20
Overall, it’s bad news as Bidenomics shits the bed…
Source: Bloomberg
We just cannot wait to hear what Harris has up her sleeve to ‘fix’ this…
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