Economic Buzz: Philly Fed Index Shows Slow Growth In May

20 May 2022 , 09:34 AM

Growth in Philadelphia-area manufacturing activity showed a significant slowdown in the month of May, according to a report from the Federal Reserve Bank of Philadelphia. The Philly Fed said its current general activity index tumbled to 2.6 in May from 17.6 in April, hitting its lowest level in two years. The decrease by the headline index came as the number of employees index plunged to 25.5 in May from 41.4 in April. The prices paid index also slid to 78.9 in May from 84.6 in April, and the prices received index fell to 51.7 from 55.0. On the other hand, the report showed the new orders index rose to 22.1 in May from 17.8 in April, while the shipments index jumped to 35.3 from 19.1.Powered by Commodity Insights