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Phila. area’s manufacturing sentiment down

Manufacturing sentiment in the Philadelphia area fell deeper into negative territory in April as signs pile up of a recession, according to a closely watched survey from the Philadelphia Federal Reserve Bank.

Manufacturing sentiment in the Philadelphia area fell deeper into negative territory in April as signs pile up of a recession, according to a closely watched survey from the Philadelphia Federal Reserve Bank.

The business outlook survey's broadest reading fell to -24.9, from -17.4 in March. Zero is flat and a negative number indicates a contraction. The survey has produced negative readings for five straight months.

Manufacturing managers appear more optimistic about the future. The future index rose to 13.7 this month from -0.5 in March. The future index asks managers what they think of conditions in six months.