That's a catastrophic drop
- Non-manufacturing business activity -35.1 vs +31.0 prior
- Wages and benefit cost index +26.6 vs +30.7 prior
- New orders -16.4 vs +28.1 prior
- Employment -1.7 vs +21.5 prior
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Philly Fed March non-manufacturing index -12.8 vs +36.1 prior
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