Activity in the Philadelphia-area manufacturing sector unexpectedly contracted in the month of May, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday, with the index of activity in the sector turning negative for the first time in eight months.
The Philly Fed said its diffusion index of current activity tumbled to a negative 5.8 in May from a positive 8.5 in April, with a negative reading indicating a contraction in regional manufacturing activity. The drop surprised economists, who had expected the index to climb to a reading of 10.0.
For comments and feedback: editorial@rttnews.com