Philadelphia Fed manufacturing just surprised to the upside—37.8 vs 32 expected. But zoom in: prices paid jumped from 41 to 49. Employment fell by half, from 28 to 12.
This is the pattern we keep seeing. Activity holds. Inflation pressures don't fade. Labor softens at the margin.
The market wants rate cuts. The data keeps saying: not yet.
This is the pattern we keep seeing. Activity holds. Inflation pressures don't fade. Labor softens at the margin.
The market wants rate cuts. The data keeps saying: not yet.
