The Chicago Fed Survey of Economic Conditions Activity Index decreased to -21 in April from -10 in March, suggesting that economic growth was below trend.

• The CFSEC Manufacturing Activity Index decreased to -12 in April from +12 in March, and the CFSEC Nonmanufacturing Activity Index decreased to -22 in April from -21 in March.

• The Activity Outlook index dropped -18 pts to -32, now down -52 pts in the last two months. 68% of respondents expect a decrease in economic activity.
• The current and planned hiring indexes were both contracting sharply, at -29 and -25 respectively.

• Respondents’ expectations for the pace of capital spending over the next 12 months increased, but the capital spending expectations index remained negative at -25.

• The labor cost pressures index increased, as did the nonlabor cost pressures index. Both cost pressures indexes remained negative.