Manufacturing is getting crushed.
The Federal Reserve Bank of Philadelphia reported that manufacturing activity in its region is now below the levels seen at the depths of the Great Recession.
All of the data for March was negative. The indexes for new orders, current shipments and the average workweek all fell to their lowest readings since record-keeping began in 1968.
The reading on manufacturing jobs also fell sharply, to its lowest reading since March 2009.
The index is based on a survey of manufacturers in Central and Eastern Pennsylvania, Southern New Jersey and Delaware, and it’s a source of more recent economic data. Many other economic reports are based on readings that are a month or two old.