Today's Philadelphia Fed Business Outlook came in weaker than expected and showed the largest three month decline in the history of the index (-51.1). Above, we highlight the three-month change of the overall index as well as each subcomponent of the main index. Strangely enough, even though the headline index for current and future conditions showed its largest ever three-month decline, most of the subcomponents did not.
In the chart below, we highlight the two other periods where the Philadelphia Fed headline index declined more than 40 points
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