Philly Fed plunged to -30.7 on expectations of +2.0
Some observations from Bloomberg's Joseph Brusuelas:
- U.S. “sliding into contraction”, given sharp decline in consumer, purchasing managers sentiment, along with ongoing housing mkt depression, says Brusuelas
- U.S. existing home sales down 3.5% M/m to 4.67m vs est. increase to 4.9m (range 4.6m-5.2m); prior revised to 4.84m from 4.77m
- Cancellations likely due to pulling back of credit by banks
- LEI up 0.5% in July vs est. 0.2% (range 0.5% drop to 0.6% gain)
