A report released by the Federal Reserve Bank of Philadelphia on Thursday showed regional manufacturing activity unexpectedly contracted at a faster rate in the month of November.
The Philly Fed said its diffusion index for current activity tumbled to a negative 19.4 in November from a negative 8.7 in October, with a negative reading indicating a contraction in regional manufacturing activity.
The decrease by the Philly Fed index came as a surprise to economists, who had expected the index to inch up to a negative 6.2.
Economics isn’t called the Dismal Science for nothing.
Economists should be treated with the same respect as congress critters, MP’s, weather guessers and used car salesmen on a Tesla lot.
They are in our household.
And FTX investment advisors.
Nobody on this side of the divide is surprised, and the other side has been taken for the fools they are.
…and the sad thing is, they’ll never realize or comprehend why.
Coincidental timing.
A friend’s son just got laid off from a multi-national tech firm. He had only been there six months. Just after he started, the company flew the entire staff along with spouses to a company conference in Paris. My guess is that those sorts of expenditures won’t be happening any more.
But they didn’t stay in $6000 a night hotel rooms so there was some common sense in place and a measure of accountability.
There sure is a lot of important people saying there’s a recession coming, and acting like it too. None of them are in politics though.
You want to hear something insane? The fhsa in the is switching to a different credit scoring model to increase loan originations. So we have central banks raising rates to slow loan originations to fight inflation on one hand and the fhsa trying to increase them at those higher rates. I’m sure it’ll all work out.
“inch up” now means reduced decline (but still declining)? honk