Philadelphia Fed Manufacturing Business Outlook current activity index dropped to -56.5 in April, down from -12.7. That’s even below that nadir during the Great Recession, and was the lowest since July 1980. Looking at some details, new orders fell further into negative territory, from -15.5 to -70.9, record low. Current shipments dropped -74 pts to all-time low.
However, index for future general activity rose 8pts to 43.0. Over 53% of firms expected increases in activity over the next six months, while 10% expected declines. Future new orders held steady while futures rose 4 pts.
