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Phila Fed Disappoints, Downside Risks to Forefront
[private]The June Philadelphia Fed survey disappoints expectations, providing confirming evidence of a more-general pattern of weakening hinted at in the Empire State survey. Implications for national-level activity are decidedly negative, even when acknowledging the two surveys do only cover –- broadly – a swath of the Northeast. The underlying activity indicators deteriorated broadly, with orders, shipments, and employment indices heading materially lower.