Philly Fed manufacturing index plunges in April

- Advertisement -
- Advertisement -
- Advertisement -
- Advertisement -

The numbers:The Philadelphia Fed manufacturing index in April dropped to -56.6 after registering -12.5 in March. This is the lowest reading since July 1980.

Any reading below zero indicates deteriorating conditions. Economists polled by MarketWatch expected a -37.5 reading.

What happened: The headline index is based on a single stand alone question about business conditions unlike the manufacturing index which is a composite based on components

The components were also weak. The new orders index fell to -70.9 in April from -15.5 in the prior month. The employment index dropped to -46.7 from 4.1 in March. Firms do expect things to get better in six months as the index for future activity rose 8 points to 43.

Big picture: The plunge in the Philly Fed comes after a record plunge in the New York Empire State index. Economists think the national ISM factory index will also be weak ax the manufacturing sector is hit by the shutdown.

Market reaction: U.S. equity benchmarks were set to open slightly higher on Thursday as the White House said it was readying guidelines for reopening parts of the economy. The Dow Jones Industrial Average DJIA, -0.75% fell 445 points on Wednesday.

Originally Published on MarketWatch

Home of Science
Follow me

- Advertisement -

Discover

Sponsor

Latest

Is it Possible to Market Online?

In today's time, it is possible to do an excellent online marketing campaign. But what is the secret? What is the secret to online...

Schools ‘a lifeline to many students’ in past year’on April 7, 2021 at 12:11 am

School staff helped families struggling financially during pandemic, says the National Education Union.image copyrightGetty ImagesSchool staff have been giving clothing, food and furnishings to...

Covid-19: ‘Very few’ patients are fully vaccinated, and bars struggle for staffon May 30, 2021 at 6:49 am

Five things you need to know about the coronavirus pandemic this Sunday morning.Five things you need to know about the coronavirus pandemic this Sunday...

The Papers: Jabs for all adults ‘by July’ and ‘free by summer’on February 21, 2021 at 5:22 am

Sunday’s papers are dominated by Boris Johnson’s pledge to offer every UK adult a vaccine by 31 July.Sunday’s papers are dominated by Boris Johnson’s...

Former SNP leader Alex Salmond launches new political partyon March 26, 2021 at 4:06 pm

The former first minister said the pro-independence Alba Party would field candidates across Scotland.image copyrightPA MediaFormer SNP leader Alex Salmond has announced the creation...
Home of Science
Follow me