Philly Fed: Manufacturing activity continued to expand in May

Eren Sengezer FXStreet

"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

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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