Philadelphia’s June Business Outlook Survey shows weaker conditions this month. The Philly Fed Manufacturing Index fell from -5.8 to -16.6, the lowest since Sept. 2011.
“The surveyâ€™s indicators for general activity, new orders, shipments, and average work hours were all negative this month, suggesting overall declines in business.” Sources: Philadephia Federal Reserve (6/21)
Interestingly, despite current conditions worsening, outlook has improved. The index of future activity for the next 6 months headed higher from 15.0 to 19.5.
Fan Yang CMT is the Chief Technical Strategist, currency trader, and the main contributor to FXTimes â€“ provider of Forex News, Analysis, Education, Videos, Charts, and other trading resources.
Information and opinions contained in this report are for educational purposes only and do not constitute an investment advice. While the information contained herein was obtained from sources believed to be reliable, author does not guarantee its accuracy or completeness. FXTimes will not accept liability for any loss of profit or damage which may arise directly, indirectly or consequently from use of or reliance on the trading set-ups or any accompanying chart analysis.