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Philly Fed Slumps In June As Price Plunge Pressures Margins

Seemingly confirming the collapse in Empire Manufacturing 'soft' survey data, The Philly Fed Business Outlook plunged from 16.6 to just 0.3 in June (well below the 10.4 expectation).

While not as big a drop as in February, the slump from the dead-cat-bounce hopes of the last few months is very telling...

 

Under the hood was a more mixed picture with 'hope' rebounding... Employees, workweek, new orders, and prices all weakened, but the six-month outlook rose to 21.4 vs 19.7.

However, the shift in prices paid and prices received (dropped from 17.5 to 0.6, the lowest since October 2016) is crushing margins...

Of course, none of this matters if The Fed cuts rates and sends stocks to record-er highs, right?

Overall, 'soft' survey data has crashed to levels not seen since before Brexit...

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