- Philly Fed
The Philly Fed manufacturing index came in at -1.8 for May, virtually unchanged from the prior month.
Economists had forecast that the diffusion index for current activity rose to 3 after dipping to 1.6 last month, according to Bloomberg.
The report suggests that the manufacturing recovery is still slow, and perhaps taking longer than expected. The Empire State Manufacturing index out Monday unexpectedly fell to -9.02 after rising to a 15-month high of 9.56 in April.
Still, manufacturers expect the weakness to be temporary; the survey’s future indicators fell in May, but the future activity index remains up from the start of the year.
This month’s Philly Fed survey asked manufacturers about expected changes in prices received for goods and services over the next year.
Manufacturers said they expect prices their firms will receive and prices consumers will pay to rise 2%, in line with the inflation rate. They expect wages and benefits to rise 3%.
Just over 20% of respondents said prices received rose in May, but 74% said there was no change. The prices paid index rose to 15.7 from 13.2.