Richmond Fed's manufacturing index plummets in April
The Richmond Federal Reserve's manufacturing index plummeted to -13 in April, down from March's -4 reading and far worse than analysts' estimates of -6.
Source: Sharecast
April's reading reflected the sharpest decline in factory activity since November 2024, with the shipments index falling to -17 from -7, the steepest decline in seven months, and new orders dropping from 5 to -17.
Expectations on future shipments sank to -20, in sharp contrast to the prior month's reading of 7.
Elsewhere, the backlog of orders sank to -24 from -1 as manufacturers depleted pending work to limit a sharper decline in shipments.
Reporting by Iain Gilbert at Sharecast.com
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