BAD: PHILLY FED MANUFACTURING REPORT PLUNGES TO -5.8 (Analysts expected 10.0)

philadelphia consumerA consumer loads his car outside of a BJ’s Warehouse in Philadelphia, Penn.

Photo: Jeff Fusco/Getty Images

UPDATE:Manufacturing in the country’s mid-Atlantic region fell from from its rapid pace of growth in May, new data out of the Philadelphia Federal Reserve shows.

The headline business activity index declined to -5.8 during the month, from a reading of 8.5 a month earlier. 

Sub-indexes measuring new orders, prices received, and delivery time all fell into negative territory.

Perhaps the worst reading in the report came in the employment sub-sector, declining from a positive 17.9 to -1.3. Employment had remained positive for eight consecutive months before today’s report.

Below, key output from the report.

Chart

Photo: Federal Reserve Bank of Philadelphia

ORIGINAL:

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.

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Economists polled by Bloomberg forecast the index will increase this May, gaining 150 basis points to 10. 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.

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