Then moments ago we got the first post coronacrisis print: at 12.9 this was the lowest reading on record, crashing from a solid 51.9 in February (there was no expectation). Specifically:
The Business conditions outlook fell to 37.9 vs 53.8 prior month
The Employment index fell to 36.7 vs 49.3
As with all diffusion indexes, a reading below 50 indicates contracting activity, while readings above 50 suggest expansion. It was not clear what a catastrophic reading of 12.90 indicates for the Big Apple, one which at this rate may drop to 0 next month, but the dreaded D-word comes to mind.