Growth in the Philadelphia region’s manufacturing activity slowed more than expected in April.
- The core indicators for current general activity, shipments, and new orders decreased from last month’s figures but remained positive.
- The Philly Fed stated its diffusion index for current activity plummeted by 10 points to 17.6 in April from 27.4 in March.
- 80% of the firms indicated wages and compensation costs had risen over the last three months, and 20% of the firms reported no changes.
- More than 34% of the firms posted increases in current activity this month, as 17% reported decreases.
- Looking ahead, future indicators for general activity and new orders dropped sharply, but firms generally continue to anticipate growth over the next six months.
Around 55 percent of the firms anticipate steady employment levels over the next six months, and 40% of the firms expect employment to increase.
DXY down -0.17%, EURUSD up +0.33%
