US DATA: Philly Fed text: mfg firms “indicated weaker business
conditions this month. The survey’s diffusion index of current activity
fell to -16.6 from a reading of -5.8 in May, its second consecutive
negative reading. The survey’s indicators of future activity remained
positive and improved slightly. Indicators for new orders, shipments,
and average work hours were also negative this month, suggesting overall
declines in business. Indexes for current unfilled orders and delivery
times both registered negative readings again this month, suggesting
lower levels of unfilled orders and faster deliveries. In the special
question this month, firms were asked about their expected spending on
new plant and equipment over the next six to 12 months relative to
actual spending: 32% expect rise, 20% a drop. Labor Market responses
suggest steady employment but shorter hours.”