Philly Fed and Empire State up in June

The average of the Philadelphia Fed and Empire State surveys by the two Federal Reserve Banks in Philadelphia and New York respectively has spiked up in June.   I have extreme-adjusted and smoothed the average (the red line in the chart below) and compare it with the ISM index, which is a good leading indicator of growth.  It suggests the ISM index will increase in June.  Interesting: longer-term indicators are still pointing down.