Thursday, June 21, 2012

Philadelphia Fed Index Plummets in June

Recession part deux.
Factory activity in the U.S. mid-Atlantic region contracted for a second month in a row in June as new orders tumbled, a survey showed on Thursday.
The Philadelphia Federal Reserve Bank said its business activity index dropped to minus 16.6 from minus 5.8 in May, far below economists' expectations for a reading of zero, according to a Reuters poll.

The forward-looking new orders gauge fell to minus 18.8 from minus 1.2.

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