Highlights of the May Philly Fed manufacturing survey:
- Prior was 50.2
- new orders 32.5 versus 36.0 last month
- employment 19.3 versus 30.8 last month
- Avg workweek 35.5 vs 29.8 last month
- prices paid 79.8 versus 69.1 last month (highest since 1970s)
- prices received 58.4 vs 63.6 prior
- Six-month index 52.7 from 66.0 last month
- Capex 37.4 vs 36.7
This is the first time the Philly Fed has missed the consensus since December (chart above) and it's the lowest since February. It's still at a very healthy level, with anything above zero signaling expansion.
Here is a look at the price paid index:
