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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