Philly Fed manufacturing index below -25 has a 100% hit rate in leading to recessions since the 1970s
We’ve already hit levels as deep as -31.3 this cycle pic.twitter.com/b0oZkiqicM
— Game of Trades (@GameofTrades_) July 20, 2023
BREAKING: Philly Fed Manufacturing Index comes in below expectations
Expected = -10.1
Actual = -13.5
— Game of Trades (@GameofTrades_) July 20, 2023
14th negative reading in a row for new orders suggests that we are not on track for a soft landing.
Employment – which the Fed is trying to break – is the only thing keeping this train on the tracks.
Disinflation will hurt earnings further. pic.twitter.com/zEKaBVAVVS
— Don Johnson (@DonMiami3) July 20, 2023
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