Firms responding to the Federal Reserve Bank of Philadelphia’s Manufacturing Business Outlook Survey revealed that regional manufacturing activity unexpectedly increased at a slower rate in May.
A report released by the Philly Fed on Thursday showed that its diffusion index of current activity dipped to 6.7 in May from 7.5 in April.
While a positive reading indicates continued growth in regional manufacturing activity, economists had expected the index to inch up to 8.0.
The material has been provided by InstaForex Company – www.instaforex.com