Economy
May 18, 2016
Growth Stagnant for Philadelphia Manufacturing in May
Written by Sandy Williams
Manufacturing conditions were essentially unchanged in Philadelphia in May. The Philadelphia Federal Reserve Manufacturing Business Outlook registered -1.8 on the diffusion index, the eighth month of negative readings in the last nine months. The slip was a surprise to analysts who forecast a rise to 3.0 for the index.
The new orders index decreased from 0.0 to -1.9 while the shipment index picked up 10 points. Unfilled orders and delivery times remained negative in May. The inventory index rose to -2.5 from -20.5, for its highest reading in nine months.
