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Enviado: 20/5/2004 17:09Philly Fed index declines in May
WASHINGTON (CBS.MW) - Manufacturing in the Philadelphia region slowed in May, the Federal Reserve Bank of Philadelphia reported Thursday.
The Philly Fed's activity index fell to 23.8 in May from 32.5 in April.
The decline was much larger than expected. Economists were expecting the index to slip to 30.5, according to a MarketWatch survey.
Despite the decline, this is the twelfth month in a row the index has been above zero, which indicates expansion.
The new orders index fell to 18.3 from 26.1 in April.
The shipments index fell to 20.2 from 27.7.
The employment index rose to 22.6 from 12.2 in April. This is the highest level for the employment index since April 1973.
WASHINGTON (CBS.MW) - Manufacturing in the Philadelphia region slowed in May, the Federal Reserve Bank of Philadelphia reported Thursday.
The Philly Fed's activity index fell to 23.8 in May from 32.5 in April.
The decline was much larger than expected. Economists were expecting the index to slip to 30.5, according to a MarketWatch survey.
Despite the decline, this is the twelfth month in a row the index has been above zero, which indicates expansion.
The new orders index fell to 18.3 from 26.1 in April.
The shipments index fell to 20.2 from 27.7.
The employment index rose to 22.6 from 12.2 in April. This is the highest level for the employment index since April 1973.