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Sunday, May 19, 2024
HomeNewsEconomyPhiladelphia Fed Manufacturing Business Outlook Survey Nearly Doubles Forecast in May

Philadelphia Fed Manufacturing Business Outlook Survey Nearly Doubles Forecast in May

A manufacturing assembly line at the Heinz factory in Pittsburgh, Pennsylvania. (Photo: Courtesy of Heinz)

Employment Reading Highest in Five Months

PriorConsensus ForecastForecast RangeActual
General Business Conditions Index8.5 9.3 5.8 — 11.016.6

The Philadelphia Fed Manufacturing Business Outlook Survey rose sharply from 8.5 to 16.6 in May, nearly doubling the consensus forecast.

The regional manufacturing survey for the Mid-Atlantic follows the New York Fed’s Empire State Manufacturing Survey, which also nearly doubled the forecast for May. The results of both surveys may be early indicators of tariffs pushing domestic new orders higher.

More than 25% of the manufacturers reported increases in overall activity this month, while just 9% reported decreases. More than 41% of the firms expect activity to increase over the next six months, while 22% expect a decrease.

The employment diffusion index rose 4 points to 18.2, its highest reading in five months.

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PPD Business, the economy-reporting arm of People's Pundit Daily, is "making sense of current events." We are a no-holds barred, news reporting pundit of, by, and for the people.

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