The Philly Fed says: http://www.phil.frb.org/media/newsreleases/081502.html
"Survey indicators over the last two months suggest a slowing
in the region's manufacturing sector. This month, indicators
of general activity, new orders, and shipments recorded negative
readings for the first time since December 2001. Although
indicators of expectations fell this month, executives polled
remain generally optimistic, and few firms expect further
declines in activity over the next six months." This doesn't seem horrible. Yet Floyd Norris in his column today says the report was "worse than anyone expected." See http://www.nytimes.com/2002/08/16/business/16NORR.html
Can somebody tell me more about the significance if any of this report, and why Norris seems to contradict the report summary's mild tone?
Who is right, the Fed or Norris?
-- John K. Taber
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