The Philadelphia Fed Business Outlook Survey for November dropped -10.7, far worse than a Bloomberg survey of economists’ estimates which came in at +2.0. The Philly Fed survey in October was +5.7. It’s kind of hard to determine how much of this can be attributed to SuperStorm Sandy and how much can be attributed to the fiscal cliff. It definitely is not a good number.
John Broussard
Assistant State Treasurer
Chief Investment Officer
State of Louisiana
Department of the Treasury
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