WASHINGTON (dpa-AFX) - Reflecting the impact of the coronavirus pandemic, the Federal Reserve Bank of Philadelphia released a report on Thursday showing a substantial contraction in regional manufacturing activity in the month of April.
The Philly Fed said its diffusion index for current activity plunged to a negative 56.6 in April from a negative 12.7 in April, with a negative reading indicating a contraction in regional manufacturing activity. Economists had expected the index to tumble to a negative 30.
Looking ahead, firms expect the current letup in manufacturing activity to last less than six months, as the broadest indicator of future activity strengthened further.
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