This makes no sense to me.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aDfVms.k1aIM&pos=1
If may's index number was 21.4 , and if this chart is current for June
http://www.bloomberg.com/apps/quote?ticker=OUTFGAF:IND
Then this is fucking horrible news, am i right? -62.617% sound pretty fucking bad to me.
Edit***
I hate bloomberg!!
This was the original article ...
May 20 (Bloomberg) -- Manufacturing in the Philadelphia region expanded in May for a ninth straight month, another sign factories are leading the recovery.
The Federal Reserve Bank of Philadelphia’s general economic index rose to 21.4 during the month from 20.2 in April. Readings above zero signal growth.
A surge in exports, increased business investment and inventory rebuilding are sources of strength for manufacturing. Deere & Co. is among producers reporting stronger sales as the global economy rebounds from the deepest recession since the end of World War II.
“Manufacturing is still growing at a fairly robust pace,” Russell Price, senior economist at Ameriprise Financial Inc. in Detroit, said before the report. While inventory replenishment helped lead the recovery, “now you’re also seeing improved demand from consumers and businesses,” Price said.
Economists forecast the index would rise to 21.3, according to the median of 57 projections in a Bloomberg News survey. Estimates ranged from 15 to 25.
The figures follow a report from the Labor Department today that showed more Americans unexpectedly filed applications for unemployment benefits last week. Initial jobless claims rose by 25,000 to 471,000 in the week ended May 15, exceeding the median forecast of economists surveyed by Bloomberg.
The Conference Board today said its index of leading economic indicators declined in April, a sign the expansion may slow in the second half. The 0.1 percent decrease in measure of the outlook for three to six months followed a 1.3 percent gain. It was the first drop in the index in a year.
Stocks Slump
Stocks fell and the dollar rose on concern Europe’s debt crisis is getting worse. The Standard & Poor’s 500 Index declined 3.3 percent to 1,078.7 at 10:27 a.m. in New York. The euro weakened to $1.2309 from $1.2415 late yesterday.
The Philadelphia Fed’s shipments gauge increased to 15.8 in May, the highest in three months, from 5.6. The new orders measure decreased to 6.1 from 13.9 in April.
The employment index fell to 3.2 from 7.3 in March. Factories nationally have added 101,000 workers to their payrolls this year, according to Labor Department data.
The Philadelphia Fed’s index of prices paid decreased to 35.5 from 42.7 in April. Prices received rose to 3.5 from 1.
The inventory index dropped to minus 7.9 from 2, signaling factories are reducing stockpiles.
Sentiment Gauge
The overall Philadelphia Fed index isn’t composed of the individual measures, so some economists consider it a gauge of sentiment among manufacturers.
The report runs counter to another regional factory survey released earlier this week. Figures from the New York Fed showed factories in that region expanded in May at a slower rate than the previous month. The so-called Empire State Index fell to 19.1 from 31.9. While measures of new orders and shipments decreased, the gauge of employment was the highest in six years.
Economists monitor the New York and Philadelphia Fed factory reports for clues about the Institute for Supply Management figures on U.S. manufacturing during the month. That report will be released June 1.
Manufacturing in April
The ISM’s manufacturing gauge rose to 60.4 in April, the highest in almost six years.
Economists this month boosted their projections for consumer spending and overall growth this year, according to median forecasts in a Bloomberg monthly survey. Fed officials raised their growth estimates for this year, according to minutes, released yesterday, of the Federal Open Market Committee meeting on April 27-28.
The economy will grow in a range of 3.2 percent to 3.7 percent this year, the central bank said. In January, policy makers forecast 2010 growth of 2.8 percent to 3.5 percent.
Gross domestic product rose at a 3.2 percent annual rate in the first quarter. Consumer spending increased by the most in three years and business investment on new equipment advanced at a 13 percent pace.
Growing demand for machinery such as tractors and combines allowed Deere to raise earnings and sales forecasts yesterday for a second time this year. The world’s largest farm equipment maker said sales of its signature green-and-yellow equipment will jump 11 percent to 13 percent in fiscal 2010, up from a February forecast of 6 percent to 8 percent.
“We’re seeing a very sharp recovery in 2010,” Chief Executive Officer Jim Owens said May 5 in an interview in Washington. “Exports by the end of the year will be close to record levels.”
