BLBG: Philadelphia Fed Factory Index Decreased to 8 in June
By Bob Willis
June 17 (Bloomberg) -- The Federal Reserve Bank of Philadelphia’s general economic index slumped to 8 in June from 21.4 the previous month. Readings above zero signal growth.
Economists forecast the index would fall to 20, according to the median of 58 projections in a Bloomberg News survey. Estimates ranged from 10 to 24.
The figures follow a report from the Labor Department today that showed consumer prices fell in May for a second month. The Labor Department also said jobless claims rose by 12,000 to 472,000 last week.
To contact the reporter responsible for this story: Bob Willis in Washington bwillis@bloomberg.net
