The Philadelphia Federal Reserve's latest business outlook survey for manufacturing recorded a reading of minus 12.8, falling well below expectations and marking the weakest result since April.

The Philadelphia Federal Reserve's latest business outlook survey for manufacturing recorded a reading of minus 12.8, falling well below expectations and marking the weakest result since April. This continues a trend of negative monthly readings for the region throughout the year, highlighting persistent softness in manufacturing activity.

Other recent economic indicators present a mixed picture, with consumer price inflation running slightly higher, producer prices cooling, and retail sales remaining strong. Analysts note that the Federal Reserve faces challenges in balancing persistent inflation with signs of a slowing labor market, as macroeconomic data remains varied.

Philadelphia Fed manufacturing reading much weaker than expected

We're just a few seconds away from some new manufacturing data from the Philadelphia Fed the futures ahead of that are Higher this morning Dow futures up by a hundred but off the highs of the session Let's get over to Rick Santelli. He's standing by at the CME in Chicago Rick Yes, you know one of the few numbers that are being released of course this comes from the Federal Reserve System So it's still operating Philly Fed business outlook. This is an October number. So it's pretty fresh We're expecting the number right around 10 comes in on the light side minus twelve point eight minus twelve point eight would be the weakest going back to April when we were down near minus 20. It hasn't been a good run every month this year Of course has been negative. So we know that the business outlook in Philly and many other regions, especially on manufacturing Has been on the soft side Everybody knows that we were supposed to get a litany of numbers yesterday and today and I thought very quickly I would go back and at least refresh our memory on where we have been and what we have missed You know Our last look on CPI was definitely a bit on the warm side up four tenths on headline up three tenths X food and energy Up two point nine year over year up three point one when you went year over year on core It was a different story for our last look on PPI for August They were minus numbers on the month over month minus one tenth on final demand minus one tenth on minus food and energy and finally it was up three tenths when it was on minus food energy and Trade the year-over-year numbers had moderated quite nicely 2.6 on final demand 2.8 on both X food and energy and X food energy and trade. So my point is we had a warmer CPI We saw a cooling PPI. So there's still questions on the lingering presence in terms of inflation Retail sales was supposed to be out as well. And that has been running strong the last three months. We had on retail sales We're August up point six July a point six and June was up 1% if you looked at core retail sales the last three months reverse order We're up seven tenths up five tenths up nine tenths. So we had solid retail sales Obviously, we're trying to put different pieces together Steve Leisman and many economists Throughout the country and analysts have been trying to piece together from a variety of sources But at the end of the day, it really is tough and it's going to be even tougher for the Federal Reserve We all heard Chairman Powell talk Recently and his comment was that you know, the risks are tough here Inflation definitely is sticky But maybe the labor market slowdown is more important to deal with and in that Endeavor we were supposed to get an issue in continuing claims that I have to say I know we have seen some deterioration and jolts and some other macro data But if all's you were looking at was initial jobless claims It was very difficult of late to pick out any problems within that data series back to you

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Washington

Ukraine Invasion

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Jerusalem

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Chicago

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Paris

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Breakdown