Against expectations of a -32.0 print, Philly Fed crashed to -56.6 - the lowest since 1980 and the biggest 2-month drop in history...

Source: Bloomberg

Under the hood it's ugly:

April prices paid fell to -9.3 vs 4.8

New orders fell to -70.9 vs -15.5

Employment fell to -46.7 vs 4.1

Shipments fell to -74.1 vs 0.2

Delivery time rose to 4.1 vs -9.1

Inventories fell to -10.2 vs 1.7

Prices received fell to -10.6 vs 6.8

Unfilled orders fell to -13.5 vs -7.4

Average workweek fell to -54.5 vs 0.5

Philly joins Dallas and New York in its slump...