- Justin Hoogendoorn, fixed income strategist at BMO Capital Markets
Manufacturing in the Philadelphia region contracted in June, a sign the economy is slowing. The Federal Reserve Bank of Philadelphia's general economic index declined to minus 16.6 in June, the lowest level since August, from minus 5.8 in May.
"That is another indication that the U.S. economy is slowing. We are getting consistent evidence of slowing, that on top of what we are getting from Europe. It's an ugly situation. We might get coordinated central bank action," said Justin Hoogendoorn, fixed income strategist at BMO Capital Markets in Chicago.
"It's a pretty horrendous result," said Jeremy Lawson, senior economist at BNP Paribas in New York. "This is a starting to point to a very weak ISM number in June. This is a sign the impetus in manufacturing is fading fast."
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