Philly Fed index warns that risk of double-dip recession is growing

In a fresh blitz of weak data, economists were particularly shaken after a survey of confidence among manufacturers around the eastern city of Philadelphia collapsed to its lowest level since 2009.

The main index tumbled to minus 30.7 this month – against forecasts of a reading of plus 3.7 – its weakest since the US was still mired in its last recession during the first quarter of 2009, compared with a reading of plus 3.2 in July.

Manufacturing has been a rare bright spot for the US over the last two years, but the news from Philadelphia suggests that industry is suffering as consumers retrench.

While today's survey is a regional one, the index is closely watched for clues as to how the rest of the world's largest economy is performing.

Read Full Article from Telegraph.co.uk

- Posted: 2011-08-18 14:16:02

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