Inquiring minds are reading the Philadelphia Fed June Business Outlook Survey for clues on the economy. The survey’s broadest measure of manufacturing conditions, the diffusion index of current activity, decreased notably from a reading of 21.4 in May to 8.0 in June. The index, which had edged higher for four consecutive months, fell back to its lowest reading in 10 months. Until this month, firms’ responses had been suggesting that labor market conditions were improving, but indexes for …

Read the original:
Philly Fed Business Index Dramatically Slows, Lowest Reading in 10 Months