News from the Wire

Manufacturing indicators decline in May, Fed says

Thursday, May 16, 2024 — 12:23:54 (EDT)

Philadelphia, May 16, 2024—Manufacturing activity in the region weakened overall, according to the firms responding to the May Manufacturing Business Outlook Survey. The diffusion index for current general activity remained positive but declined 11 points to 4.5 in May, mostly undoing its increase from last month. The new orders and shipments indexes turned negative. On balance, the firms indicated a decline in employment, and price indexes were below their long-run averages. The survey’s broad indicators for future activity continued to suggest widespread expectations for growth over the next six months.

Read the report at www.philadelphiafed.org/surveys-and-data/regional-economic-analysis/mbos-2024-05?utm_medium=email&utm_source=data-release&utm_campaign=MBOS&utm_content=MBOS240516

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Source: Company press release.