Business activity in Philadelphia is back in the red.
The Philly Federal Reserve's manufacturing index came in at -1.6 for April, as businesses reported no improvement in conditions.
Economists had forecast that it fell to 9 from a prior reading of 12.4. That was the first positive reading in seven months.
The indexes for new orders and shipments fell, along with the gauge of employment. The index that measures average working hours fell considerably, by 22 points.