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Another regional survey of manufacturers confirms the rapid turn in the economy.
Analysts had been expecting a reading of 7.0 in the survey. Instead we got -7.7
Markets are heading lower now higher.
The full report is here.
From the report:
The survey’s broadest measure of manufacturing conditions, the diffusion index of current activity, decreased from 3.9 in May to -7.7, its first negative reading since last September (see Chart). The demand for manufactured goods, as measured by the current new orders index, showed a similar decline: The index fell 13 points and recorded its first negative reading since last October. The current shipments index fell just 3 points but remained slightly positive. Firms reported declines in inventories and unfilled orders, and shorter delivery times.
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Original post: With yesterday’s disastrous Empire State Manufacturing Index compounding fears of an economic slowdown, everyone is eager to see if we’ll get confirmation from the Philly Fed, another regional survey of manufacturing companies.
Analysts, for whatever reason, expect an increase in the reading to 7.0 from 3.9 last month.
We’ll have full coverage when it’s out at 10:00 AM ET
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