Monday, June 25, 2012

June's Philly Fed index

Like most of the regional surveys (whether from the ISM or the Fed) the data are much more "spiky" than the broader national indices, so I've plotted the 3 month moving average of the Philly Fed data.  And the correlation with the national index isn't that close on a month-to-month basis, though the broad trends are comparable.  More evidence (along with such indicators as initial claims) of a soggy economy.  Again, I wouldn't worry too much about it except that Europe is in strife and the China tanker is struggling to change direction.


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