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May 2023 Manufacturing Business Outlook Survey
Manufacturing activity in the region continued to decline overall, according to the firms responding to the May Manufacturing Business Outlook Survey. The survey’s indicators for general activity, new orders, and shipments rose from last month but remained negative. On balance, the firms also reported a decline in employment. The price indexes remained below long-run averages, with the prices received index declining further. The survey’s future indexes continued to reflect muted expectations for growth over the next six months. The diffusion index for current general activity rose from a reading of -31.3 last ... (full story)
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US: Philadelphia Fed Manufacturing Index improves to -10.4 in May vs -19.8 expected
The diffusion index for current general activity of the Federal Reserve Bank of Philadelphia's Manufacturing Survey rose to -10.4 in May from the three-year low of -31.3 reported in April and was above the market expectation of -19.8. Key takeaways from the report: • Manufacturing activity in the region continued to decline overall, according to the firms responding to the May Manufacturing Business Outlook Survey. The survey’s indicators for general activity, new orders, and shipments rose from last month but remained negative. • The indexes for new orders and shipments both increased for the second ... (full story)