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ECON: Sandy's Influence Evident In Weaker Philly Fed Index
Posted to: Micro News
Thursday, November 15, 2012 10:16 AM
- Business Conditions -10.7 vs +2.0 consensus, +5.7 Oct
- New Orders -4.6 vs -0.6 Oct
- Employment -6.8 vs -10.7 Oct
- Philly Fed says "influence of Storm Sandy evident in firm's responses
"Firms responding to the November Business Outlook Survey reported declines in business activity this month following the disruptive effects of Hurricane Sandy on the region. The survey’s indicators for general activity, which had shown improvement in October, fell back into negative territory this month. Firms reported slight declines in shipments, employment, and hours worked. Indicators for the firms’ expectations over the next six months were near their levels in the previous month, but expectations for future employment and capital spending have weakened in the last two months."
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