Philly Fed index improves by more than expected in May
The slowdown in manufacturing in the US mid-Atlantic region eased by more than expected in May, the results of a closely followed survey showed.
The Federal Reserve Bank of Philadelphia's regional factory index rose from a reading of -31.3 for April to -10.4 in May.
Economists polled by Dow Jones Newswires had forecast a reading of -20.0.
A key sub-index tied to new orders improved from -22.7 to -8.9, while that for prices paid by companies increased from 8.2 to 10.9.
The sub-index for employment meanwhile fell from -0.2 to -8.6.