Bottom Line: The Dallas Fed's Manufacturing Survey index rebounded slightly and remained firmly in contraction territory in June. On an ISM-weighted basis, the index fell, hitting its lowest level in this cycle and suggesting the details were weaker than the headline. The contraction in new orders accelerated to the downside as production slipped at a faster rate. On the plus side, employment was still growing but only slightly. Raw material prices were nearly unchanged. Overall, the Dallas Fed survey painted an even more bleak picture of the manufacturing sector than many other regional surveys. Manufacturing remains a headwind for activity, primarily because of tepid goods consumption. | 
