The Philly Fed Index rose from -24.9 in April to -15.6 in May, topping the estimate of -19.0. New orders rebounded from -18.8 to -3.7 and employment improved from -11.31 to -1.0. Prices remain at elevated levels.
Industrial production fell 0.7% in April, below the forecast of a 0.3% decline, as weakness was broad-based. Excluding energy and high tech production, production was down 1.1%. Capacity utilization fell from 80.5% to 79.7%, worse than the forecast of a drop to 80.1%.
Details from Bloomberg...
