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!