Here is a link to the PDF report
The general business conditions index dropped from 24.3 to 1.8. That's the biggest drop we have seen in a year. The index increased last month, but that was obviously a one-time pop. I'm thinking it may have been simple enthusiasm for the new year.
New orders decreased from 19 to 3. This is another very large drop -- one that has not happened in the last year.
Prices paid increased slightly from 27 to 30.
This is a bad report, plain and simple. It shows a sharp decline in the present business conditions.