FINANCIAL TIMES: Industrial activity in the mid-Atlantic region of the US tumbled in June to its lowest level in 10 months, offering the latest sign that the slowdown in the US economy is persistent and may be getting worse.
The business activity index of the Federal Reserve Bank of Philadelphia – a precursor to a more closely watched national gauge of manufacturing activity due early next month – dipped from minus 5.8 in May to minus 16.6 this month. The dive caught economists by surprise, since they were expecting a slight rebound to zero, the level which separates expansion from contraction.
The components of the index pointed to less production ahead, with new orders in particular taking a big dive. However, the employment section improved compared to May – a silver lining in a bleak report… (more)
