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To: sun-tzu who wrote (130078)	10/18/2001 1:11:46 PM
From: patron_anejo_por_favor	Read Replies (3) \| Respond to of 436258

Philly Fed Manufacturing index (1st major survey taken post 09/11) fell off a cliff: finance.yahoo.com 12:03PM Economic Data : The October Philadelphia Fed index dropped sharply to -27.4 from -7.3; the consensus was -15.0; this is the first clean post-Sep 11 read on the manufacturing sector, and it certainly indicates that the Sep NAPM report captured primarily pre-Sep 11 conditions. However, we would note that the Philly index is the most volatile of the monthly manufacturing surveys, and this steep decline will most likely translate into a much smaller NAPM decline for October.