US April Philly Fed business index -26.4 vs +2.0 expected

Prior was +12.5

Details:

• 6 month index: 6.9 vs 5.6 last month
• Capex index 6-month forward: 2.0 vs 13.4 last month
• Employment: 0.2 vs 19.7 last month
• Prices paid: 51.0 vs 48.3 last month
• New orders: -34.2 vs 8.7 last month
• Shipments: -9.1 vs 2.0 last month
• Unfilled orders: -1.1 vs 0.6 last month
• Delivery time: -2.6 vs 4.1 last month
• Inventories: -0.9 vs -5.7 last month
• Average workweek: -12.7 vs 8.7 last month

Look at that new orders number. It’s back to covid-era levels. They have only been worse twice: April 2020 and March 2009.

This article was written by Adam Button at www.forexlive.com.