July Philadelphia Fed Outlook
Not good. The July Business Outlook from the Philadelphia Federal Reserve is -12.9 compared to an expected -8.0. This is the third consecutive negative reading in the index, showing "overall declines in business." However, this is slightly better than the June Business Outlook, which was -16.6. 32% of the business surveyed reported declines in activity this month, 36.9% say business has weakened over the past 2 months, and 46.6% expect further slowing in the next fiscal quarter.