Manufacturing in Philadelphia Fed Region Drops by Most on Record

(Bloomberg) — The Federal Reserve Bank of Philadelphia’s survey of factories showed conditions in the area deteriorated in March by the most on record, indicating the heavy toll on demand from the novel coronavirus battle extends 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.

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