US Philadelphia Fed manufacturing falls to lowest since May 2020

By Ovunc Kutlu

ISTANBUL (AA) – US Philadelphia Federal Reserve announced on Thursday its manufacturing index in April plummeted to the lowest level since May 2020.

The index for current general activity decreased eight points to -31.3 in April, recording its eighth consecutive monthly decline.

Market expectation for the index was to come in at -19.2, while it stood at -23.2 in March.

A level above zero in the index indicates improving conditions, while anything below indicates worsening conditions.

"The future indicators suggest that firms’ expectations for growth over the next six months remain subdued," the Philadelphia Fed said in a statement.