US mid-Atlantic factory activity plummets in April, Philly Fed says
Factory sector activity in the US mid-Atlantic region shrank sharply in April, as trade tariffs began to bite, according to the results of a closely followed survey.
The Federal Reserve Bank of Philadelphia's manufacturing sector index fell from a reading of 12.5 in March to -26.4 for April (consensus: 2.0).
A sub-index for new orders was especially weak, falling from 8.7 to -34.2, whilst another linked to the number of employees dropped from 19.7 to 0.2.
In parallel, a sub-index tracking the prices paid by companies edged up from 48,3 to 51.0.
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