US: Philly Fed Manufacturing Index drops to 8.5 in April vs 10.4 expected

“The index for current manufacturing activity in the region decreased from a reading of 13.7 in March to 8.5 this month,” the Federal Reserve Bank of Philadelphia said in its latest Manufacturing Business Outlook Survey.

Key takeaways from the press release

  • The new orders index increased 14 points to 15.7 this month.
  • The current inventory index fell, by 15 points to a reading of 2.6.
  • The current employment index increased from a reading of 9.6 in March to 14.7 this month.
  • The diffusion index for future general activity declined nearly 3 points to 19.1, its lowest reading since February 2016.

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