Philadelphia Fed Factory Index Slumps by Most on Record

The Federal Reserve Bank of Philadelphia’s survey of factories showed conditions in the area deteriorated in March by the most on record, showing the heavy toll on demand from the novel coronavirus battle is extending to more of the nation’s producers.

The general activity index slumped to minus 12.7 from positive 36.7 the prior month, data from the Fed bank showed Thursday. The median projection in a Bloomberg survey of economists called for a reading of 8. Readings below zero indicate contraction.