Following increases in the mfr’g indices of the NY and KC regions and the negative readings from Philly and Richmond, the July Dallas mfr’g index fell to -13.2 from +5.8 and is well below expectations of +2.0. Weakness from June was seen in production, new orders, backlogs, inventories, employment and cap ex with a slight increase in prices paid and received and a good jump in wages. The overall 6 month outlook fell to -7.3 from +1.3, the 1st time below zero in 10 months. Today’s figure will be followed by the Chicago area tomorrow and the national ISM Wednesday where expectations are for a slight increase from 49.7 to 50.2.
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