facebook
twitter
rss
account
search
search
 

Mid-Atlantic manufacturing shrinks in May

May 17, 2012 at 11:22 AM   |   Comments

| License Photo
PHILADELPHIA, May 17 (UPI) -- The Philadelphia Federal Reserve Bank said key mid-Atlantic manufacturing indexes slipped into negative territory in May.

The business survey, taken midway through the month, found the diffusion index of manufacturing activity dropped from 8.5 in April to minus 5.8.

The index for new orders in May fell from 2.7 to minus 1.2. Like the headline index, the new orders index fell into the negative for the first time in eight months.

The employment index, also positive for eight consecutive months, fell 19 points to minus 1.3 in May.

"The percentage of firms reporting decreases in employment, 16 percent, was slightly higher than the percentage reporting increases, 14 percent," the report said.

Average hours of work in the region also fell in the month.

© 2012 United Press International, Inc. All Rights Reserved. Any reproduction, republication, redistribution and/or modification of any UPI content is expressly prohibited without UPI's prior written consent.
Recommended UPI Stories
Featured UPI Collection
trending
Notable deaths of 2014 [PHOTOS]

Notable deaths of 2014 [PHOTOS]

Most Popular
1
Twitter to remove pictures of deceased on family's request
2
Iran wants to develop mini-LNG plants
3
Deloitte: App downloads dwindle, 1 in 3 users disinterested
4
Iraq worried by terrorist ties to oil
5
AESA radar integrated into new F-16V
Trending News
Video
x
Feedback