- Manufacturing activity in the Philadelphia area continued to contract in May.
- The US dollar index remains in negative territory above 99.
The overall dissemination index for the Federal Reserve Bank of Philadelphia’s manufacturing outlook survey improved slightly from -56.6 in April to -43.1 in May. This impression was slightly worse than the market expectation of -41.5.
Key points to remember
“The new orders index rose 45 points on a historic low for the series last month, from -70.9 to -25.7.”
“The current deliveries index has increased 44 points to a historic low last month, dropping from -74.1 to -30.3.”
“Unfilled orders remained stable at -13.7, while delivery times fell 11 points to -6.7, suggesting shorter delivery times.”
“Businesses continued to report an overall decline in manufacturing employment this month, but the current employment index rose 31 points to -15.3.”
The US dollar index paid little attention to these data and was down 0.11% on the day for the last time to 99.05.