Pay Attention: Philly Fed "manufacturing conditions...decreased from a slightly positive reading of 3.2 in July to -30.7 in August" and Existing Home Inventory and "Philly Fed Versus Non-Farm Payrolls"

 
http://www.calculatedriskblog.com/






http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2011/08/Phily%20Fed%20vs%20Jobs.jpg

FYI - the last time the Philly Fed had a similar decline,
Monthly Non-Farm Payrolls fell more than 700,000