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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.
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 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.