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  • Manufacturing activity in Philadelphia region continues to contract in May.
  • US Dollar Index stays in the negative territory above 99.

The headline Diffusion Index of the Federal Reserve Bank of Philadelphia’s Manufacturing Business Outlook Survey improved modestly to -43.1 in May from -56.6 in April. This print was slightly worse than the market expectation of -41.5.

Key takeaways

“The index for new orders rose 45 points out of an all-time low for the series last month, from -70.9 to -25.7.”

“The current shipments index increased 44 points out of an all-time low last month, from -74.1 to -30.3.”

“Unfilled orders held steady at -13.7, while delivery times fell 11 points to -6.7, suggesting shorter delivery times.”

“The firms continued to report overall decreases in manufacturing employment this month, but the current employment index increased 31 points to -15.3.” 

Market reaction

The US Dollar Index paid little to no mind to this data and was last seen down 0.11% on the day at 99.05.