Newsroom: Industry News
Much of the economic data released last week provided mixed news, even as these indicators continue to suggest overall progress. For manufacturers, two regional surveys showed movement in the opposite direction in the May data. At one end of the spectrum, the Philadelphia Federal Reserve Bank reported that manufacturing activity expanded robustly in May on strong growth in new orders and with the average employee workweek expanding at a level not seen since October 1987. This stood in contrast to the rather disappointing Empire State Manufacturing Survey in May, which had activity falling for the first time since October.