WASHINGTON (dpa-AFX) - Growth in Philadelphia-area manufacturing activity showed a significant slowdown in the month of May, the Federal Reserve Bank of Philadelphia revealed in a report on Thursday.
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.
While a positive reading still indicates growth in regional manufacturing activity, economists had expected the index to show a much more modest drop to 16.0.
Looking ahead, the Philly Fed said the survey's future indexes remained positive but reflect muted optimism for growth over the next six months.
Copyright(c) 2022 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX
© 2022 AFX News
