Philly Fed Prints A Half-Century High Scorcher

Philly Fed Prints A Half-Century High Scorcher

If you were looking for a scorching indicator to support the contention that the US economy may be well on the way to running hot later this year, the Philly Fed sufficed on Thursday. At 51.8, the headline gauge for March was the highest since 1973 (figure below). Consensus was looking for just 23.3 and no economist (out of more than three-dozen surveyed) predicted anything like what you see in the visual. "Nearly 59% of the firms reported increases in current activity this month (up from 3
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