Although it was still solid, the January report on Manufacturing from the Philadelphia Fed came in slightly weaker than expected. Think about it like the current Eagles without Carson Wentz; not quite as strong but respectable nonetheless. While economists were forecasting the headline reading in this month's report to come in at a level of 25.0 versus last month's reading of 27.9, the actual print came in at 22.2. This may not sound like an important level, but keep in mind that it is the 14th straight monthly reading above +20. That has only happened one other time in the history of the survey dating back to 1980!

As far as the internals of this month's report were concerned, there wasn't a whole lot of strength to mention. Of the report's nine sub-indices, just five saw m/m gains. Of those, the biggest increases were Prices Received and Inventories. To the downside, the weakness was centered in Orders as both the indices of New and Unfilled Orders saw double-digit declines.