Philly Fed Number Signifies Nothing

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Don't blame me, I'm from Philadelphia. It is painful as all get-out to admit that your district doesn't matter and hasn't mattered one whit for the past two decades, but that's the case. And that's why I totally dismiss the Federal Reserve Bank of Philadelphia number and don't give a hoot about its weakness.

In the context of a dull August day, there are going to be people who care about the Philly Fed. Having been born and raised in Philadelphia and having seen the region go from being an important indicator of the economy to being a meaningless asterisk that has never predicted anything, I always blanch when someone says "oh no, did you see that awful Philly Fed index?"

It's been awful for years, with a periodic flare-up, usually because there was some order for Boeing (BA - commentary - Cramer's Take) Vertol, the only real industry left.

Sorry, have to tell it like it is.

Forget the Philly Fed. It's as unimportant as the Phillies are in this year's pennant race.

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James J. Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS by clicking here. While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column to [e-mail]. Click here to get Cramer's book, "Confessions of a Street Addict."