A Morgan Stanley reading on the economy collapses by the most ever
https://www.msn.com/en-us/money/mark...cid=spartanntp
Morgan Stanley's Business Conditions Index, which captures turning points in the economy, fell by 32 points in June, to a level of 13 from a level of 45 in May. This drop is the largest one-month decline on record and
the lowest level since December 2008 during the financial crisis, according to the firm.
"The decline shows a sharp deterioration in sentiment this month that was broad-based across sectors,' economist Ellen Zentner said in a note to clients. "Fundamental indicators point to a broad softening of activity, but analysts did not widely attribute the weakening to trade policy."
Fears of a possible economic slowdown were raised last week after a much worse than expected jobs report. The economy added just 75,000 jobs in May, according to the Labor Department last Friday. A report on Thursday showed a spike in jobless claims last week. Manufacturing activity last month grew at the slowest pace in two years.
