According to official data, published earlier today, business activity amongst the Philadelphia manufacturers declined during May. Philadelphia index sunk to -5.2 points during May, while a month ago the reading showed +1.3 points. Results stated, that most of the featured companies gave negative forecasts about future development of their business. Experts estimated the value to remain on positive territory at 2.3 points.
It was announced, that the indicator to measure the new orders fell to -7.9 points during May, as it was -1.0 during the preceding month.
Another index, which evaluate employment, also took a fall during May to -8.7 points from -6.8 in April.
Additionally, shipments indicator decreased to -8.5 points in May, while the April value was +9.1.
Today Charles Plosser, President of Federal Reserve Bank for Philadelphia noted in his statement, that the central bank should decelerate asset purchase rate. Plosser also said, that his expectations, regarding Unemployment Rate in US, were this indicator to be close to 7% until this years end, unless there was a considerable turn in current course of economic development.
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