BREAKING: The Philadelphia Fed Services index tumbled 19.4 points in March, to -32.5, the lowest since the 2020 pandemic. Excluding 2020, this is the worst reading in 14 years. The new orders index declined 18.2 points, to -19.5, the lowest since April 2023. Prices paid jumped 12.6 points, to 36.0, the highest in ~18 months. The worst part? 6-month outlook from services firms dropped a whopping 36.0 points, to -16.3, the second-lowest level on record. To put this into perspective, the 2020 pandemic low was roughly -19.5 points. Stagflation is here.