US manufacturing activity is slowing: The Philadelphia Fed Manufacturing Index dropped 38.9 points in April, to -26.4, the lowest since April 2023. This is also the second-lowest level since 2020. New orders fell 42.9 points, to -34.2, the lowest since April 2020. In the past, such a large decline in new orders has never occurred outside of a recession. All while the prices paid index jumped to 51 points, its highest since July 2022. More evidence if stagflation.