Empire Fed Manufacturing has now missed expectations for 8 of the last 9
months. June's -1.98 print (against hopes for a post-weather bounce to
6.00 from 3.09) is the lowest since January 2013. With only 26% of
respondents saying conditions had improved, New orders tumbled, Prices
Received slid, shipments dropped and inventories fell... but employment
and workweek increased? What hope for the future - less!

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