Philly Fed Business Survey Unexpectedly Slumps To 'Worst Since Lehman'

Shortly after The Empire Fed Manufacturing survey unexpectedly surged back into expansion, The Philly Fed Business survey unexpectedly puked to its lowest (ex-COVID lockdowns) since March 2009.

Analysts expected a rebound from -23.2 to -19.3, the headline plunged to -31.3 in April.

This is the eighth straight month of contraction (10 of the last 11 months).

Source: Bloomberg

Under the hood, prices paid fell to 8.2 from 23.5, but prices received fell to -3.3 from 7.9...

Goodbye margins!