“The Philly Fed’s April business outlook survey is out.
The headline index unexpectedly fell to 1.3 from last month’s 2.0 reading. The consensus estimate predicted a rise to 3.0.
The unemployment sub-index plunged from 2.7 in March to -6.8 in April.
The new orders sub-index declined from 0.5 to -1.0.
Below is the full text from the release:
April 2013 Business Outlook Survey
Manufacturers responding to the Business Outlook Survey reported near steady business activity in April. The indicator for overall activity remained slightly positive this month, but other broad indicators were mixed. Indicators for new orders and employment were weaker this month. The survey’s broad indicators of future activity suggest that firms expect continued growth, but optimism waned compared with last month.
