US: Philadelphia Fed Manufacturing Survey plunges to 9.3 in July

With the September Fed meeting drawing nearer, every US jobs report and economic indicator will be under the microscope. One such release was reported earlier today, with Initial Jobless Claims falling to a fresh six-year low last week, coupled with consumer prices that rose broadly in July. This certainly is viewed as welcome news for the Federal Reserve, already inching closer to trimming its massive bond-buying program.