Philadelphia Fed Manufacturing Index Falls To 8.5 In April
(Kitco News) - The headline current general activity index for a survey of manufacturers in the Philadelphia area slid to 8.5 in April from 13.7 in March, the regional Federal Reserve bank said Thursday.
The consensus expectations compiled by various news organizations were for a reading of around 10.4 to 11.0.
The headline reading remained above zero, however, thus the diffusion index signaled continued economic growth.
The index for new orders jumped to 15.7 in April from 1.9 in March. However, the shipments index slid to 18.4 from 20.0 the prior month.
Both employment readings were higher. The index for number of employees climbed to 14.7 from 9.6, while the one for average employee workweek rose to 11.2 from 10.6.
The inflation readings were mixed. The priced-paid index rose to 21.6 from 19.7, while the prices-received reading fell to 20.0 from 24.7.