MW; June Philly Fed index drops into negative level
By Steve Goldstein
WASHINGTON (MarketWatch) -- The Philadelphia Fed's manufacturing index fell from +3.9 in May to -7.7 in June, which is the worst level in 31 months. Economists polled by MarketWatch had forecast a reading of +5.5. The survey's indicators for activity and new orders turned negative this month, while indicators for shipments and employment fell but remained slightly positive, the Philly Fed said. The figures come after a negative reading on Wednesday from a similar New York-area gauge.
