Philly Fed March non-manufacturing index -12.8% vs +3.2 prior

  • The latest data from the Philly Fed
Philly fed nonmanufacturing
  • New orders -15.4 vs +6.2 prior
  • Future index -3.5 vs +12.4 prior

There has been some weakness so far in monthly manufacturing surveys and now it's creeping into non-manufacturing. It's a low-tier indicator but the Fed will be thinking about everything ahead of tomorrow's decision.

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