Expectation was -15.0.  Last month came in at -17.1.  This is the 8th straight month below the zero level indicating contraction.  

                                         July        June
                                        2008       2008
===================================
General Business     
   Activity                            -16.3       -17.1
--------------------------------------------------------
Prices Paid                           75.6        69.3
Prices Received                    28.8        29.7
New Orders                         -12.1       -12.4
Shipments                          -8.0         -6.7
Unfilled Orders                    -18.3       -12.5
Delivery Time                      -10.7        -8.0
Inventories                           -7.5       -12.6
Number of Employees            -7.3         -6.9