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From NY and Philly Fed Banks: manufacturing continues leading the way towards recession 🧵... 
NY Fed manufacturing survey has gyrated violently recently but has averaged below zero (contraction territory) for a year; price increases have slowed but not stopped; labor market contracting; planned investment remains low:
Philly Fed manufacturing survey has shown contraction 10 months in a row w/ new orders (canary in coalmine) negative for over a year straight; employment flatlined this month but shortening of workweeks accelerated:
Oddly, the NY and Philly surveys have tended to move in opposite directions for about a year, one improves when the other worsens; averaging both shows a dismal manufacturing sector leading the economy into #recession:
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