Source: Philadelphia Fed
Manufacturing output retreated in April to erase most of the gains recorded in the previous month, with firms expecting dimmer conditions moving forward. QQQ is up 1.44%, while SPY is up 1.05%.
- The diffusion index for current general activity stood at 17.6, down from 27.4 in March and 44.5 in April 2021.
- Over 34% of survey respondents reported an expansion in activity, while 17% recorded a contraction.
- The indicator for new orders fell to 17.8, and the current shipments index to 19.1.
- The employment index climbed even higher to 41.4 from the all-time high in March, as firms registered steady employment levels.
- The index for the average workweek meanwhile fell to 20.8 from 21.4.
- The prices paid index climbed to 84.6 to hit the highest reading since June 1979, while the prices received jumped to 55.0.
- The diffusion index for future general activity fell to 8.2, the lowest print since December 2008.
- Over 37% of respondents expect future activity to increase, while 29% expect decreases.