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The Numbers

Mixed Philly Fed Survey Shows Subdued Labor, Soft Capex

by Felix-Antoine Vezina-Poirier, Chief Strategist  

The October Philadelphia Fed manufacturing survey was mixed, showing weak headline data but steadier underlying components. The headline index fell to -12.8 from 23.2, the lowest level since April 2025. Underlying details were not as dire: shipments moderated…

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