The Dallas Fed Manufacturing survey for April printed considerably below expectations. Analysts expected a rebound from -15.7 to -11.0 but instead the headline index plunged to -23.4 (just shy of post-COVID-lockdown lows).

That is the 12th straight month of 'contraction' in the survey.

Source: Bloomberg

The new orders index was negative for an 11th month in a row but moved up five points to -9.6.

The growth rate of orders index also remained negative but rose from -15.2 to -11.1.

Worse still, prices and wages continued to increase in April.

Production was flat...

Perceptions of broader business conditions worsened notably in April.

The company outlook index remained negative, ticking down two points to -15.6. The outlook uncertainty index pushed up to 24.7, elevated relative to its average reading of 16.9.

Comments from respondents are getting more concerning:

Finally, looking ahead, the future production index plummeted from 13.5 to 3.0, with the low reading signaling little output growth over the next six months.