The Federal Reserve Bank of Philadelphia said Thursday that its index for current general activity decreased to minus 31.3 in April from minus 23.2 in March. The data, which is based on a survey among manufacturers in the region, suggests that activity continued to contract as the index came in below zero. The Philadelphia Fed survey polls manufacturing firms in the Third Federal Reserve District, which covers eastern Pennsylvania, southern New Jersey and Delaware. Indexes for new orders and shipments both were negative in the month, though both climbed, to minus 22.7 and minus 7.3, respectively. The index for future general activity increased to minus 1.5 in April from minus 8 a month earlier, the data said.

Source: Wall Street Journal April 20, 2023 13:00 UTC