The general business conditions index dipped to 10.5 in April from  11.5 in March, according to the Federal Reserve.

The production index decreased to 8.1 in April from 24.1 in March, while capacity use dropped to 9.7 from 18.7, the Fed reported.

Volume of new orders declined to 4.3 from 13.6, while the growth rate of orders index fell to 5.0 from 10.0.

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