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Manufacturing Activity Drops to Two-Year Low

May 19, 2022 by Forex Winner Leave a Comment

Manufacturing Activity Drops to Two-Year Low

Source: Federal Reserve Bank Philadelphia

Manufacturing activity continued to expand in May, albeit at a slower pace, hitting a two-year low. QQQ is down 0.55%, while SPY is down 0.89%.

  • The diffusion index for current activity declined by 15 points to 2.6 in May, as most firms indicated no changes in current activity while 20% saw declines.
  • The new orders index climbed four points to 22.1, while the current shipments index grew by 16 points to a 19-month high of 35.3.
  • Firms recorded higher employment on balance, but the current employment index slipped 16 points to 25.5.
  • The prices paid diffusion index fell by six points to 78.9, with over 81% of firms indicating higher input prices.
  • The median inflation forecast stood at 6.5%, higher than the 5.0% forecast recorded in February.
  • The diffusion index for future general activity fell to a 13-year low of 2.5, down from 8.2 the previous month.

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