Philadelphia Fed non-manufacturing business index for March -18.3 versus -8.8 last month

• Prior was -8.8
• New orders -3.4 vs -4.7 prior
• Prices paid 26.6 vs 30.3 prior
• Employees +3.5 vs +9.1 prior

A special question in the Philly Fed survey shows 22.4% of firms expecting a 10% or more decline in revenue in Q1 vs Q4 2023. That's ugly.