Today’s report on manufacturing in the Philadelphia region followed the trend of its sibling in New York and moved lower in April, posting a larger decline than expected. While economists were expecting the headline index to retreat from March’s multi-month high of 32.8 down to 22.5, the actual reading was slightly lower at 22.0. While both the Philly Fed and Empire Manufacturing reports declined this month, the Philly indicator still remains above levels it was at the end of 2016, even as the Empire Manufacturing report dropped to levels not seen since November.
Breadth in this month’s report was also relatively weak, confirming the decline we saw in the headline reading. As shown in the table to the right, New Orders and Shipments both posted the largest declines, while the biggest increases came in Delivery Times and Inventories.
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