Covid dip, recovery, now correcting back and maybe leveling off around pre-Covid levels?
Still a bit above pre-Covid levels:
All time highs and growing:
Employment continues strong = personal income continues strong:
The mood is negative, as they all believe rate hikes will kill the economy.
However actual industrial production and shipments remain firm, along with employment:
The Philadelphia Fed Manufacturing Index in the US fell to -19.4 in November of 2022 from -8.7 last month, the lowest since May of 2020 and well below market expectations of -6.2. The general activity index declined further, the new orders index remained negative, and the shipments index remained positive but low. The employment index declined but continued to suggest overall hiring, and the price indexes continued to suggest overall increases. Although the survey’s future indexes rose slightly, they continued to suggest that the firms expect overall declines in activity and new orders six months from now.
Source: Federal Reserve Bank of Philadelphia
