Philly Fed: Manufacturing activity continued to expand in May
|"Results from the May Manufacturing Business Outlook Survey suggest that regional manufacturing activity continued to expand this month," said the Federal Reserve Bank of Philadelphia on Thursday.
Key highlights:
- The index for current manufacturing activity in the region increased from a reading of 22.0 in April to 38.8 this month
- The index has been positive for 10 consecutive months
- This month, the index recovered some of the declines of the previous two months, but it still remains slightly below its high reading of 43.3 in February
- Firms reported an increase in manufacturing employment this month, but the current employment index fell 3 points. The index has remained positive for six consecutive months
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