Philly Fed Says Business Outlook Has Plummeted

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Joe Weisenthal points us to the Philadelphia Fed’s monthly Business Outlook Survey, which he terms a “disaster.” Here’s what the Philly Fed says:

The survey’s indicators for general activity, new orders, shipments, and average work hours were all negative this month, suggesting overall declines in business….Nearly 40 percent of the firms reported declines in activity this month, exceeding the 22 percent that reported increases in activity. Indexes for new orders and shipments also showed notable declines, falling 18 and 20 points, respectively.

Presumably Ben Bernanke and the other Fed governors knew this yesterday, when they met and decided not to do much about the economy. Perhaps they were swayed by the fact that the future outlook remained “positive.” Perhaps they don’t think there’s anything more they can do. I don’t know.

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Fact:

In-depth journalism that investigates the powerful takes real money and is so damn important right now.But it doesn’t take a Mother Jones investigation to know that billionaires and corporations will never fund the type of reporting (like they do politicians) we do that exists to help bring about change. Instead, our mission-driven journalism is made possible by people power, and has been for 46 years now since our founding as a non-profit.

In “TITLE TK” Monica Bauerlein writes about the perilous moment we’re in, and why it’s so important that we raise $325,000 by the time November’s midterms are decided so we can be ready to throw everything we have at the big issues facing the nation no matter what happens. Please help MoJo’s people-powered journalism with a donation today.

$400,000 to go!

payment methods

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