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Philadelphia Fed’s Factory Outlook Is Weakest in Three Years

Workers powder-coat components at a facility in Williamsburg, Iowa.
Photographer: Daniel Acker/Bloomberg

The six-month outlook for manufacturing in America’s mid-Atlantic region slumped to a three-year low, another sign that expectations for weaker global growth may be weighing on producers.

The Federal Reserve Bank of Philadelphia’s index for future activity fell 9.5 points to 21.8 in March, dragged down by lower readings for expectations for shipments and new orders, according to the report released Thursday. The main gauge of regional conditions rebounded from a February reading that was the lowest since mid-2016 to 13.7 this month.