Photo: Wikimedia commons
UPDATE:Manufacturing in the mid-Atlantic region of the U.S. showed less strength in April, new data out of the Philadelphia Federal Reserve shows.
The key business condition index declined 4 points to 8.5 in April, below economist expectations for a 12.0 reading.
However the key employment sub-index showed surprising strength, improving from 6.8 in March to 17.9 in April.
“Manufacturing firms responding to the April Business Outlook Survey indicated that regional manufacturing activity expanded modestly this month,” the Philadelphia Fed said in a statement. “The survey’s broad indicators for general activity, new orders, and shipments all remained posi‐ tive but fell slightly from their readings last month.”
Businesses also became more upbeat about future plans, with the key diffusion index improving to 33.8 from 32.9.
Below, key data from the report.
Photo: Federal Reserve Bank of Philadelphia
The Federal Reserve Bank of Philadelphia is minutes away from releasing its monthly survey of business activity, a key gauge of conditions in the mid-Atlantic region.
Economists polled by Bloomberg forecast the index will change little in April, declining 50 basis points to 12. If that holds, it would represent a healthy outlook for businesses activity.
The Federal Reserve Bank’s Third District covers eastern Pennsylvania, southern New Jersey, and Delaware.
The announcement is scheduled for 10:00 a.m. EST.