Philly Fed Factory Activity Index Plummets in June

It's gonna be a disastrous summer. Hold on.

ABC News -

Factory activity growth plummeted in the Mid-Atlantic region in June, a survey showed on Thursday, adding to worries that the short and tepid U.S. economic recovery is now fizzling.

The Philadelphia Federal Reserve Bank said its business activity index dropped to 8.0 in June from May's 21.4.

Economists had expected a reading of 20.9, based on the results of a Reuters poll, which ranged from 10.0 to 24.0.

Any reading above zero indicates expansion in the region's manufacturing, so the factory sector there is still clinging to growth.

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