The macro reported on Thursday morning had been negative, but not quite the vision of coming economic death that traders were presented with on Wednesday morning when December data for both Retail Sales and Industrial Production left little room for even the most optimistic of thinkers to espouse anything but despair. Sure, Philly put a fifth consecutive month of contracting activity to the tape (an eighth in nine), and sure, New Orders and Unfilled Orders are still contracting in Philly, but New York was much worse, and in the manufacturing world, if not in the NFL, Philly is more important than New York. Read More...
The macro reported on Thursday morning had been negative, but not quite the vision of coming economic death that traders were presented with on Wednesday morning when December data for both Retail Sales and Industrial Production left little room for even the most optimistic of thinkers to espouse anything but despair. Sure, Philly put a fifth consecutive month of contracting activity to the tape (an eighth in nine), and sure, New Orders and Unfilled Orders are still contracting in Philly, but New York was much worse, and in the manufacturing world, if not in the NFL, Philly is more important than New York.
