Lower than expected
The Philadelphia Fed business outlook for June came in at 19.9 versus 29.0 expectations. That was much lower than the 34.4 from May.
- Future index of 34.8 versus 38.7
- Prices received a 33.2 versus 36.4
- Prices paid 51.8 versus 52.6
- New orders 17.9 versus 40.6
- Shipments 28.7 versus 25.8
- number of employees 30.4 versus 30.2
- average work week 24.2 versus 34.4
- unfilled orders -2.7 versus 15.3
- delivery Time 9.6 versus 18.5
- inventories 10.2 versus 8.1
A disappointing number after the spike higher in May. The number is the lowest since November 2016.
