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Philadelphia Fed Factory Index Slumps by Most on Record

Philadelphia Fed Factory Index Slumps by Most on Record

(Dreamstime.com)

Thursday, 19 March 2020 10:23 AM

The Federal Reserve Bank of Philadelphia’s survey of factories showed conditions in the area deteriorated in March by the most on record, showing the heavy toll on demand from the novel coronavirus battle is extending to more of the nation’s producers.

The general activity index slumped to minus 12.7 from positive 36.7 the prior month, data from the Fed bank showed Thursday. The median projection in a Bloomberg survey of economists called for a reading of 8. Readings below zero indicate contraction.

The figures are consistent with a New York Fed report earlier this week, which showed its gauge of manufacturing in the state also down by the most ever. Both reports signal a sharp slowdown in business activity because of the global pandemic.

The Philadelphia Fed’s index of orders slumped to minus 15.5 from 33.6 a month earlier. Shipments and hours worked were nearly stagnant.

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Economy
The Federal Reserve Bank of Philadelphia’s survey of factories showed conditions in the area deteriorated in March by the most on record, showing the heavy toll on demand from the novel coronavirus battle is extending to more of the nation’s producers.
philadelphia, fed, factory, index
146
2020-23-19
Thursday, 19 March 2020 10:23 AM
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