The general index of the local Fed measuring activity stood at 17.6 points (-10 points), much less than the 21 points anticipated by analysts.
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Manufacturing activity in the Philadelphia region of the United States grew in April, but at a much slower pace than in March, according to data from the regional branch of the Federal Reserve (Fed) released Thursday.
The general index measuring activity stood at 17.6 points (-10 points), much less than the 21 points anticipated by analysts.
“The survey indices for general activity, shipments and new orders declined from last month’s readings, but remained positive,” the Philadelphia Fed said in a statement.
The employment index remains high and those measuring prices, both buying and selling, continue to climb, signaling that the rise in prices is not abating.
By contrast, the index measuring new orders fell sharply, as did the index measuring the outlook for activity, “but overall businesses continue to expect growth over the next six months” , details the report.
Measured in a heavily industrialized region of the northeastern United States, this leading indicator is considered a good barometer of the evolution of American economic activity.
The survey was conducted from April 11 to 18.
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