Initial and continuing jobless claims continue to exist in the 'matrix' of a 'strong economy' as both fell last week (192k vs 212k and 1.684mm vs 1.713mm)....

Source: Bloomberg

And in the face of that 'great' data, The Philly Fed Business Outlook was significantly weaker than expected, printing -23.2, up very modestly from last month's -24.3 (but well below the -7.5 exp)...

Which is right? Which will The Fed listen to...