Like its New York sibling, today’s report on manufacturing in the Philadelphia region weakened modestly this month and came in weaker than expected. While economists were expecting a positive reading of 3.0, the actual reading remained sub-zero at -1.8. The headline reading saw a nice bounce in March, but the last two months have seen all of that given back (chart below). The table to the right breaks down this month’s report by each of its subcomponents. Even though General Business Conditions showed a modest decline this month, the majority of components actually increased with the biggest jumps coming in Inventories, Number of Employees, and Shipments. On the downside, the only declines were in Delivery Times, Unfilled Orders, and New Orders.