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(CEP News) - Manufacturing in the region covering eastern Pennsylvania, southern New Jersey and Delaware fell for the sixth consecutive month in May, but showed some improvement compared to the previous month, according to the Philadelphia Fed's Manufacturing survey.
The Philly Fed's general activity index improved in May to -15.6 from April's -24.9, led by improvement in new orders, employment, and shipments. New orders came in at-3.7, an improvement from -18.8 in April. Employment improved to -1.0 in May following the previous month's -11.6 reading. Shipments rebounded into positive growth at 2.2, up from -8.0 in the previous month. Prices paid continued increasing in May at 53.6, compared to April's 51.6 level. This is the highest level since January. "Despite the overall weakness in current activity, a significant share of the manufacturers continued to report price pressures, and more firms reported higher prices for their own products," the report said. "Also this month, the region's manufacturing executives were more optimistic about future activity; the survey's future indicators have improved considerably over the past two months." By Patrick McGee,
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, edited by Nancy Girgis,
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