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- Growth of Philadelphia-area manufacturing activity slows more than forecast in May
Growth of Philadelphia-area manufacturing activity slows more than forecast in May
The
Manufacturing Business Outlook Survey, released by the Federal Reserve Bank of
Philadelphia on Thursday, revealed the region's manufacturing activity continued
to grow in May, albeit at a slower pace than in April.
According
to the survey, the diffusion index for current general activity fell from a near 50-year high of 50.2 in April to 31.5 this month.
Economists
had forecast the index to decrease to 43.0.
A
reading above 0 signals expansion, while a reading below 0 indicates
contraction.
According
to the report, the new orders index dropped 3.5 points to 32.5 this month,
while the current shipments index decreased 4.3 points to 21.0 and the current
employment index plunged 11.5 points to 19.3. Elsewhere, the survey’s price
indicators suggest that price increases were more widespread this month: the
prices paid index went up 8 points to 76.8, its highest reading since March
1980, and the prices received index increased 7 points to 41.0, its highest
reading since May 1981.
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