Note: Survey responses were collected from March 5 to March 19.
Nonmanufacturing firms reported a significant weakening in regional nonmanufacturing activity this month, according to results from the Nonmanufacturing Business Outlook Survey. The survey’s indexes for general activity at the firm level, sales/revenues, new orders, and full-time employment all fell sharply and into negative territory this month, coinciding with developments related to the coronavirus. …
The diffusion index for current general activity at the firm level fell sharply from 36.1 in February to -12.8 in March, its lowest reading since July 2011 … The full-time employment index fell 23 points to -1.7.
This graph shows the Philly Fed Nonmanufacturing General Activity and Employment indexes.