A Morgan Stanley reading on the economy collapses by the most ever

Morgan Stanley Business Conditions Index fell by 32 points in June, its largest one-month decline on record.

Morgan Stanley Business Conditions Index 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.

Every subindex of the Business Conditions Composite fell in June, expect for the credit condition category, which "is consistent with the recent easing in broad financial conditions," Zentner said.

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