Manufacturing activity in the Mid-Atlantic region improved in May, according to the Philadelphia Federal Reserve.
The current activity index increased from 0.2 in April to 4.2 in May.
New orders increased 6 points to 8.7 and shipments rose 5 points to 9.3.
The indexes for delivery times and unfilled orders are negative, at -8.2 and -9.1, respectively, but improved from April.
At 12.9, the employment index is up 10 points from April. The average workweek index dropped 11 points.
Prices paid continued a four-month trend and rose 8 points to 32.3. Prices received dropped three points to 2.2, its lowest level since August 2003.
For the coming months, the area’s manufacturers are optimistic, with the future general activity index rising from 25.8 to 30.8. Future new orders increased six points and shipments increased one point. The future employment index increased six points to its highest level since January.
To review the complete report, click here.