Philadelphia's June Business Outlook Survey shows weaker conditions this month. The Philly Fed Manufacturing Index fell from -5.8 to -16.6, the lowest since Sept. 2011.
The survey's indicators for general activity, new orders, shipments, and average work hours were all negative this month, suggesting overall declines in business. Sources: Philadephia Federal Reserve (6/21)
Interestingly, despite current conditions worsening, outlook has improved. The index of future activity for the next 6 months headed higher from 15.0 to 19.5.
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