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The Federal Reserve Bank of Philadelphia’s manufacturing survey indicated that growth nearly stalled this month.
Source: Federal Reserve Bank of Philadelphia
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Most firms (57%) reported change in current activity this month as the percentage of firms reporting increases (22%) surpassed the percentage reporting declines (20%).
The indicators for new orders and shipments increased, but the employment index fell, and the price indexes remained high, with 81% of manufacturers reporting an increase in costs.
The prices paid diffusion index dropped by 6 points to 78.9. Almost 52% of the firms reported an increase in the prices of their goods, and 47% reported no change.
Firms continued to anticipate growth over the next six months, but most indexes are below levels posted in the past two years.
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