Philly Fed Index Slumps More Than Expected In May
(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.
Looking ahead, the Philly Fed said firms continue to expect growth over the next six months.
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