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Fri Jun 28, 2013, 10:42 AM

 

Business Activity in U.S. Cools More Than Forecast

By Lorraine Woellert - Jun 28, 2013
Business activity in the U.S. cooled more than projected in June, a regional report showed, as fiscal constraints and stagnant export markets buffeted manufacturers.

The MNI Chicago Reportís business barometer dropped to 51.6 this month from 58.7 in May, which was the highest in more than a year. A reading of 50 is the dividing line between expansion and contraction. The median forecast of 55 economists surveyed by Bloomberg was 55.

The Chicago index has been out of synch with other regional factory reports, surging in May when others pointed to a slump, and dropping this month as measures from the Federal Reserve Banks of New York and Philadelphia point to a rebound. Manufacturing, which makes up about 12 percent of the economy, might be feeling the effects of federal government spending cuts that went into effect in March.

ďA large part of it reflects pullbacks in government spending,Ē Guy Lebas, chief fixed-income strategist at Janney Montgomery Scott LLC in Philadelphia, said before the report. ďThatís having effects, although not massive effects. The manufacturing sector doesnít appear to be accelerating but itís not deteriorating at least.Ē

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http://www.bloomberg.com/news/2013-06-28/business-activity-in-u-s-cooled-more-than-forecast-in-june.html

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Reply Business Activity in U.S. Cools More Than Forecast (Original post)
Purveyor Jun 2013 OP
flamingdem Jun 2013 #1

Response to Purveyor (Original post)

Fri Jun 28, 2013, 10:46 AM

1. ... and down we go

how far no one knows

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