Jobless claims surging, Philly Fed a disaster
Meanwhile, the Philadelphia Fed index plunged to -41.3 in February from -24.3 in January. That was far worse than the average forecast for a reading of -25 and the lowest reading since October 1990 (-48.2). Subindices tracking new orders, employment, and shipments all fell sharply, though in a bit of a silver lining, the index measuring expectations about the next six months rose to 15.9 from 7.4 a month earlier. That's the highest level since September.