Philly Fed Index Shows Mild Improvement, Still Reflects Contraction

The Federal Reserve Bank of Philadelphia's survey of manufacturing activity improved more than expected to -15.6 in May from -24.9, versus expectations of a reading of -19.0. Nevertheless, this index has held below zero - marking contraction in the sector - for the sixth consecutive month. A breakdown of the index shows that the prices paid and received components both climbed, running contrary to yesterday's US CPI report that showed easing inflation pressures. Meanwhile, the new orders, inventories, and employment components all continued to reflect contractions, and suggests that the manufacturing sector is far from supportive of economic growth in the US.

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