Atlanta Fed Business Inflation Expectations fell in April

• Inflation expectations: Firms' year-ahead inflation expectations declined to 1.4 percent, on average.

• Current economic environment: Sales levels "compared to normal" declined dramatically over the month. Profit margins experienced a similar decline. Year-over-year unit cost growth fell to 1.2 percent, on average.

• Quarterly question: Firms' sales gap (percentage below "normal" sales levels) widened substantially to 31.6 percent below normal from 2.5 percent below normal in January, the last measure. 
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• Special question: Firms indicated the extent to which the recent spread of coronavirus (COVID-19) had affected their sales activity and operations. In addition, they provided an estimate of when they expect to return to normal operations and how long they can continue to operate without accessing additional sources of funding. They also indicated how they anticipate the price of the product/product line or service responsible for the largest share of their revenue is likely to change over the next six months. A breakdown of the results can be found in the special question section below.