FAST FIVE: Shocking Philly Fed Collapse: Biggest Drop Since 2011 US Rating Downgrade

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and the biggest drop in point terms since the US downgrade in August 2011.

Input prices also moderated notably this month.

In the latest sign that peak inflationary pressures have passed, price pressures originating from purchased inputs continued to abate the Philly Fed reported.

This bizarre divergence between economic sentiment and a very strong labor market continues to surprise and puzzle economists.

Finally, while the current reading collapsed, the outlook remained buoyant, and the survey's indexes for future conditions were mostly steady, with firms remaining generally optimistic about growth over the next six months.

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