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Mid-Atlantic manufacturing contracts in April

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Mid-Atlantic manufacturing contracts in April

Sharp drop in business activity index follows an increase in March.

According to the Philadelphia Federal Reserve, manufacturing in the mid-Atlantic region contracted in April, following a sharp increase in March.

The Bank reported today that its closely-watched manufacturing activity index for the region fell to -1.6 in April, following a 12.2 reading in March.  (Readings above 0 indicate expansion.)  This was the seventh month in the last eight showing manufacturing contraction in the region.

Analysts had expected a reading of 8.9.

On a brighter note, the survey’s reading of future expectations remained positive, suggesting that April’s disappointing results might be a temporary lull.

However, the report provides further evidence of a slowing economy, particularly in the important manufacturing sector.

 

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