PHILADELPHIA, April 21 (UPI) -- The Philadelphia Federal Reserve Bank said manufacturing activity in the mid-Atlantic region showed slower gains in April than in March.
The bank's monthly survey of businesses taken in the first half of the month showed the leading diffusion index dropped from 43.4 in March to 18.5, showing continued growth for the fifth consecutive month, but at a far slower pace than in the previous month.
The index for new orders dropped 22 points in the month after seven months of increases, reaching 18.3. The number of employees index fell from 18.2 to 12.3, while the average employee workweek index rose from 13.2 to 17.7.
The index for prices paid by manufacturers fell from 63.8 to 57.1. The index for inventories fell from 12 to 1.7, remaining positive, but just barely.
The Philadelphia Fed said, "Indicators for future activity fell notably this month but still suggest that firms expect the current expansion in manufacturing to continue over the next six months."
