Philadelphia Fed Factory Outlook Falls to Lowest Since 1979

Philadelphia-area manufacturers’ outlook for business conditions slumped this month to the lowest level since 1979 as gauges of future new orders and planned capital expenditures both deteriorated.

Federal Reserve Bank of Philadelphia data on Thursday showed a measure of business conditions six months from now slid nearly 12 points to minus 18.6. The index of manufacturers’ current assessment dropped 9 points to minus 12.3, worse than all estimates in a Bloomberg survey of economists.