US July Philly Fed -7.0 vs +6.0 expected

• Lowest since January
• Prior +13.9

Details:

• New orders: 14.6 vs 20.7 prior
• Shipments: 8.5 vs 27.8 prior
• Unfilled orders: 3.2 vs 9.1 prior
• Delivery times: 14.1 vs 8.5 prior
• Inventories: -4.8 vs -9.4 prior
• Prices paid: 24.0 vs 19.8 prior
• Prices received: 13.7 vs 24.2 prior
• Employment: -5.7 vs 15.2 prior
• Average workweek: -2.3 vs -1.6 prior

Six-month ahead expectations:

• General business conditions: 15.4 vs 38.7 prior
• New orders: 10.4 vs 31.3 prior
• Capital expenditures: 12.0 vs 7.4 prior

A special question asked about the annual percent change firms will receive for goods and services cold and that fell to 2.8% from 3.0% in May.

Overall, this is a softer report and of the handful of reports released today at the same time, this is the only one showing any real weakening.

This article was written by Adam Button at www.forexlive.com.