Philly Fed Survey Shows Strong Momentum In Manufacturing Sector
(Kitco News) - The manufacturing sector throughout the Philadelphia region is seeing significant positive sentiment, according to the latest data from the Philadelphia Federal Reserve.
Thursday, the regional central bank said the current general activity index in its manufacturing business outlook survey rose to 34.4 in May, up significantly from Aprilâ€™s reading of 23.2.
Consensus expectations compiled by various news organizations were for a reading of somewhere around 21.1.
The positive data comes after the New York Fed saw an improvement in sentiment in its regional manufacturing.