(Reuters] – In May, the U.S. Mid-Atlantic region saw a sharp decline in factory production growth. The survey from the Regional Federal Reserve showed that the future business outlook is weaker than it has been in 13 years.

Philadelphia Fed’s benchmark industrial index fell to 2.6 in May from 17.6 April. That is far below what economists expected for a reading at 16 according to Reuters. This was the lowest reading in over two years.

A reading above zero indicates expansion.

Inflation and employment both declined, while the index for employment was at its lowest level in over a year. While the price paid component saw its lowest reading in three years, it was still historically high.

The business outlook over the next six month slumped to its lowest level since December 2008 during the peak of the global financial crisis.