Philly Fed vs Empire Manufacturing

While both the NY Fed Manufacturing (released last week) and the Philly Fed (released today) were both weaker than expected in June, today's Philly Fed report showed considerably more weakness than the NY Fed report did last week.  In fact, while the NY Fed report has been positive for the last two months, the Philly Fed report has been negative.  Going back to 2001, the only other time the Philly Fed report has been negative while the NY Fed report was positive for two months in a row was back in January 2008.

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