The Manufacturing Business Outlook Survey, released by the Federal Reserve Bank of Philadelphia on Thursday, revealed the contraction in the region's manufacturing activity continued in April.

According to the survey, the diffusion index for current general activity plunged from -12.7 in March to -56.6 this month. That was the lowest reading since July 1980.

Economists had forecast the index to decrease to -30.0.

A reading above 0 signals expansion, while a reading below 0 indicates contraction.

According to the report, the indexes for new orders (-55.4 points to -70.96, the lowest reading ever) and shipments (-74.3 points to -74.1, the all-time low) declined sharply this month, coinciding with ongoing developments related to the coronavirus pandemic. Meanwhile, employment (-50.8 points to -46.7) fell into negative territory. Elsewhere, unfilled orders (-6.1 points to -13.5) slipped deeper into contraction territory, while delivery times (+13.2 points to 4.1) rose, suggesting longer delivery times. On the price front, prices paid index decreased 14.1 points to -9.3, while prices received index fell 17.4 points to -10.6.