FOREX TradingCharts.com

Financial News: Philly Fed Index Indicates Notably Slower Growth In

Philly Fed Index Indicates Notably Slower Growth In May

05/16/2024 - 10:26:00 (RTTNews)

(RTTNews) - Philadelphia-area manufacturing activity saw a notable slowdown in the pace of growth in the month of May, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday.

The Philly Fed said its diffusion index for current general activity tumbled to 4.5 in May from 15.5 in April, although a positive reading still indicates growth. Economists had expected the index to decrease to 8.0.

The bigger than expected decline by the headline index partly reflected a downturn by new orders, as the new orders index plunged to a negative 7.9 in May from a positive 12.2 in April.

The shipments index also tumbled to a negative 1.2 in May from a positive 19.1 in April, indicating a downturn in shipments.

Meanwhile, the number of employees index rose to a negative 7.9 in May from a negative 10.7 in April, but a negative reading still suggests a decrease in jobs.

The report also said the prices paid index fell to 18.7 in May from 23.0 in April, while the prices received index crept up to 6.6 in May from 5.5 in April.

Looking ahead, the Philly Fed said firms continue to expect growth over the next six months, although the diffusion index for future general activity edged down to 32.4 in May from 34.3 in April.

The Federal Reserve Bank of New York released a separate report on Wednesday showing regional manufacturing activity unexpectedly contracted at a slightly faster rate in the month of May.

The New York Fed said its general business conditions index edged down to a negative 15.6 in May from a negative 14.3 in April, with a negative reading indicating contraction. Economists had expected the index to rise to a negative 10.0.

For comments and feedback: contact editorial@rttnews.com

Copyright(c) 2024 RTTNews.com. All Rights Reserved

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS


U.S. Consumer Sentiment Unexpectedly Drops To Seven-Month Low In June (55 min(s), 38 sec(s) ago)
(RTTNews) - The University of Michigan released preliminary data on Friday unexpectedly showing a ...Full Story»

China Bank Lending Rises Less Than Expected (19 min(s), 38 sec(s) ago)
(RTTNews) - China's bank lending increased less than expected in May as credit demand remained ...Full Story»

U.S. Import Price Unexpectedly Decrease 0.4% In May (06 min(s), 38 sec(s) ago)
(RTTNews) - A report released by the Labor Department on Friday showed unexpected decreases by U.S ...Full Story»

U.S. Import, Export Prices Unexpectedly Decrease In May (40 min(s), 22 sec(s) ago)
(RTTNews) - A report released by the Labor Department on Friday showed unexpected decreases by U.S ...Full Story»

Eurozone April Trade Balance Swings To Surplus (02 hr(s), 49 min(s), 22 sec(s) ago)
(RTTNews) - Euro area visible trade balance logged a surplus in April this year versus a deficit i ...Full Story»

UK Inflation Expectations Ease In May: BoE Survey (04 hr(s), 12 min(s), 22 sec(s) ago)
(RTTNews) - Britons' short-term inflation expectations softened in May, the quarterly Inflatio ...Full Story»

French Inflation Accelerates In May (05 hr(s), 50 min(s), 22 sec(s) ago)
(RTTNews) - France's consumer price inflation accelerated in May on higher energy and food pri ...Full Story»

Bank Of Japan Delays Bond Purchase Reduction (06 hr(s), 37 min(s), 22 sec(s) ago)
(RTTNews) - The Bank of Japan delayed its normalization of policy on Friday as policymakers decide ...Full Story»

Search

INTERNATIONAL FINANCIAL NEWS

U.S. Consumer Sentiment Unexpectedly Drops To Seven-Month Low In June

06/14/2024 - 10:12 AM (RTTNews)
(RTTNews) - The University of Michigan released preliminary data on Friday unexpectedly showing a ...Full Story>>

China Bank Lending Rises Less Than Expected

06/14/2024 - 09:36 AM (RTTNews)
(RTTNews) - China's bank lending increased less than expected in May as credit demand remained ...Full Story>>

U.S. Import Price Unexpectedly Decrease 0.4% In May

06/14/2024 - 09:23 AM (RTTNews)
(RTTNews) - A report released by the Labor Department on Friday showed unexpected decreases by U.S ...Full Story>>

U.S. Import, Export Prices Unexpectedly Decrease In May

06/14/2024 - 08:36 AM (RTTNews)
(RTTNews) - A report released by the Labor Department on Friday showed unexpected decreases by U.S ...Full Story>>

Eurozone April Trade Balance Swings To Surplus

06/14/2024 - 06:27 AM (RTTNews)
(RTTNews) - Euro area visible trade balance logged a surplus in April this year versus a deficit i ...Full Story>>

Do not sell my personal information

Copyright © 2024. All market data is provided by Barchart Solutions. Information is provided "as is" and solely for informational purposes, not for trading purposes or advice. To see all exchange delays and terms of use, please see disclaimer.