Philly Fed manufacturing index plunges in April (Lowest since 1980)

[UpInArms]

Source: Marketwatch

Index drops to -56.6, worse than anything seen in Great Recession

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.

Read more: https://www.marketwatch.com/story/philly-fed-manufacturing-index-plunges-in-april-2020-04-16?mod=home-page

[mahatmakanejeeves]

1. We had New York's yesterday. Does every branch issue one? NT

[UpInArms]

2. Here are the Fed branches

https://en.m.wikipedia.org/wiki/List_of_Federal_Reserve_branches

The New York and philly Fed are the most closely watched for productivity and future guidance ... the fed’s beige book is also an important barometer

The fomc meetings are another ...

The Empire State report is generally viewed on a strictly regional basis ...

The current atmosphere is nationwide, as the unemployment rolls swell, there will be a more difficult transition to grasp ... the gig economy will be the undoing, as those peeps will be the canary in the coal mine ....

Will they be forced to return to work, taking any form of employment and being on the frontline of the next wave of infections?

This one is going to be hard to call

[BumRushDaShow]

3. Have actually been in the Philly Fed building

years ago to cash out some EE bonds.





The white building in the upper left-hand corner is a federal prison!