The Dallas Fed's business activity index fell to -70, the lowest reading ever, dating back to the survey's creation in 2004.
By the numbers: Measures of production, new orders, shipments and capacity utilization were the lowest since 2009 while prices declined and wage growth slowed, according to the survey of 110 Texas manufacturers conducted March 17–25.
- Expectations about the future hit all-time lows, with the survey's company outlook index falling from 3.6 to -65.6.
- The index measuring companies' uncertainty jumped from 11.0 to 62.6.
Go deeper: What the Fed has learned about the coronavirus outbreak