(Sharecast News) - Manufacturing conditions in the Philadelphia region deteriorated significantly in March, according to a survey released on Thursday.
The Philadelphia Fed current manufacturing activity index slumped to -12.7 from a three-year high of 36.7 in February, marking its lowest reading since July 2012.
The new orders index tumbled to -15.5 in March from 33.6 the month before, while the shipments index fell to 0.2 from 25.2. The gauge for inventories printed at 1.7 compared to 11.8 and the prices paid index came in at 4.8 versus 16.4 in February.
Pantheon Macroeconomics said: "Manufacturers are facing an unprecedented drop in demand, on top of huge supply chain disruption and the deranged trade war. The sector will be in deep recession for the foreseeable future."
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