Philadelphia Fed factory index produces 8th straight negative reading in April
The numbers: Any reading below zero indicates deteriorating conditions. This is the eight straight reading below zero and the tenth in the last eleven months.
Key details: The barometer on new orders improved 5.5 points but remained at negative 22.7 in April. The shipments index rose a sharp 18.1 points to a negative 7.3 reading. The measure on six-month business outlook rose to negative 1.5 from negative 8 in March. A similar measure of factory activity in New York improved for the first time since November. The Empire State index jumped 35 points to 10.8 in April.
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