Philly Fed factory index falls more quickly than expected in May
Manufacturing activity in the US mid-Atlantic region cooled more quickly than anticipated in May as supply bottlenecks continued to worsen, the results of a closely-followed survey revealed.
Price pressures also continued to mount.
The Federal Reserve Bank of Philadelphia's factory index dropped from a reading of 50.2 for April to 31.5 in April (consensus: 43.2).
A key gauge tracking new orders was little changed, slipping from 36.0 to a still elevated 32.5.
But that linked to firms' delivery times worsened sharply, rising from 27.8 to 41.5.
The sub-index for prices paid meanwhile increased from 69.1 to 76.8.
Employment also weakened, with the corresponding subindex slipping from 30.8 to 19.3.
Americans' workweek also continued to lengthen as revealed by a rise in the corresponding subindex from 29.8 to 35.5.
A subindex for inventory levels rose from 17.3 to 25.6.