India, April 17 -- The Federal Reserve Bank of Philadelphia released a report on Thursday showing a steep drop by its reading on regional manufacturing activity in the month of April.
The Philly Fed said its diffusion index for current general activity plummeted to a negative 26.4 in April from a positive 12.5 in March, with a negative reading indicating contraction. Economists had expected the index to slump to a positive 2.0.
With the much steeper than expected drop, the diffusion index for current general activity plunged to its lowest level since April 2023.
The nosedive by the headline index partly reflected a substantial downturn by new orders, as the new orders index dove to a negative 34.2 in April from a positive 8.7 in March. T...