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US mid-Atlantic factory activity dips in May

By Alexander Bueso

Date: Thursday 17 Jun 2021

US mid-Atlantic factory activity dips in May

(Sharecast News) - Manufacturing activity in the US mid-Atlantic region continued growing at a robust pace in June, the results of one of the most closely-followed surveys for the sector showed.
The Federal Reserve Bank of Philadelphia's factory sector index dipped from May's reading of 31.5 to 30.7 for June.

Economists had projected a fall to 30.5.

Despite the strong headline reading, the key sub-index tracking firms' new orders fell from 32.5 to 22.2.

Delivery times also shortened, with that sub-index retreating from 41.5 to 29.3, offsetting the impact on the headline index from slower new orders.

In parallel, a sub-index for shipments improved from 21.0 to 27.2 while another for inventories decreased from 25.6 to 17.9.

The sub-index for employment also rose, from 19.3 to 30.7, although the sub-index linked to the length of the average employee workweek dropped from 35.5 to 20.1.

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