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HFE says "The Philly Fed index dropped to just 3.9 from 18.5, well below the consensus, 20.0, and the lowest reading since October. This looks terrible but remember that the Philly index is much more volatile than national indicators like the ISM." HFE says index fell because of high oil "but with more than half the Feb-Apr increase now reversed sentiment should begin to recover soon. In the meantime, though, at least some decline in the ISM looks likely."
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