It was the more important Philly Fed survey that hammered the market a few weeks ago.
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The Philly Fed survey also was lower, but its rate of decline was slower.
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In the U.S., the Empire State Index and Philly Fed Index are slated for release, both manufacturing gauges.
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At the same time, the Philly Fed index topped expectations, despite marking a fifth consecutive month of declines.
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The Philly Fed index of activity was predicted to rise in June from 3.9 but came in at minus 7.7.
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Not even a plummeting Philly Fed Manufacturing Index figure that registered a grizzly -7.7 could push the euro past resistance.
Philadelphia stood out as the weakest district, confirming the disastrous numbers that came out of the most recent Philly Fed manufacturing index.
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During the past two months, we have seen the various ISM indices, the Chicago PMI, the Empire State Manufacturing Index, and the Philly Fed Index all soften.
The Philly Fed said it saw little improvement in the labor market this month, with only 14% of companies reporting an increase in employment, and 10% reporting a decline.
As was expected before the FOMC meeting, Richard Fisher of the Dallas Fed, Narayana Kocherlakota of the Minneapolis Fed, and Charles Plosser of the Philly Fed dissented with Bernanke.
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Even today, we had a bullish Philly Fed number.
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Recently, Philly Fed President Plosser cautioned that folks who fell out of work during the Great Recession do not possess the skills necessary for qualifying for types of job openings that are being created.
The U.S. and Asian stock markets sputtered in the wake of the Philly Fed report, while European stock markets tried to stabilize following recent selling pressure related to the EU debt crisis in their own back yard.
The latest jobs report showed an economy adding no jobs in August, while the Philly Fed manufacturing index signaled a contracting manufacturing sector, even though the ISM manufacturing report showed expansion, albeit at a slowing pace.
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The day started out with the announcement that Bank of America would be laying off 16, 000 workers which helped sink the market, but better than expected jobless claims and a Philly Fed index that came in ahead of the consensus estimate, along with a solid IPO pop for real estate research site Trulia, aided the recovery in risk assets.
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