We now have two of the five regional business surveys conducted during August by the Federal Reserve district banks of NY and Philly:
(1) NY was very weak, while Philly offset some of that weakness. The average of the two composites of business activity fell in August to -12.6, the lowest reading since the 2020 rebound from the lockdown recession. Collectively they suggest that August's M-PMI might show a drop below 50.0 (from 52.8 in July) when it is reported at the start of September.
(2) The good news is that the prices-paid and prices-received indexes have been falling since the start of this year, suggesting that inflationary pressures are easing quickly. However, both remain relatively high.
Member discussion
Join the conversation.
Members discuss each QuickTake in-line — sharp takes, respectful disagreement, and Ed answering back.
Become a member →Already a member? Sign in
