Has the Soft Spot in the US Economy blown a gasket?

June Philly Fed Business Outlook: -7.7 vs. 7 expected and 3.9 prior. New orders -7.6 vs. 5.4 prior. Shipments 4.0 vs. 6.5 prior. Unfilled orders -16.3 vs. -7.8 prior. Prices paid 26.8 vs. 48.3 prior.