(Kitco News) - The U.S. manufacturing sector continues to struggle, even as some regions see an improvement in activity, according to data from the New York Federal Reserve and Philadelphia Federal Reserve.
The Philadelphia regional central bank said its manufacturing business outlook for May rose to -4.0, compared to April’s reading of -26.4. The data was significantly better than expected, as economists were looking for a reading of -11.3.
Meanwhile, the New York regional central bank said its Empire State manufacturing survey dropped to -9.2, down from April’s reading of -8.1. The data was weaker than expected, as economists were expecting a relatively unchanged reading.
The ongoing contraction in the manufacturing sector is providing some support for gold as prices continue to trade well off their overnight lows. Spot gold last traded at $3,185.50 an ounce, up 0.30% on the day.
