Growth in Philadelphia-area manufacturing activity showed a significant slowdown in the month of May, the Federal Reserve Bank of Philadelphia revealed in a report on Thursday.
The Philly Fed said its current general activity index tumbled to 2.6 in May from 17.6 in April, hitting its lowest level in two years.
While a positive reading still indicates growth in regional manufacturing activity, economists had expected the index to show a much more modest drop to 16.0.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.