The headline number took a disturbing pitch down, after having improved in June:
With Philadelphia, Richmond and Dallas all notching significant negatives in July, clearly the only thing to do is buy oil on the theory that the money choppers will be running. Kansas
was the best this month, but at 5 with negative shipments, it did show a general slackness.
I'm surprised at the Dallas survey - I was expecting at worst a marginally negative headline number. The components are not as disturbing as the headline.