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Philly fED Factory Activity down for First Time in 5 Months on Lower New Orders

News

Philadelphia Fed Bank said its business activity index fell to 8.5 from 12.5 in Mar, more than expected decline of 12
Theneworders slipped to 2.7 from 3.3. in April

Quotes

"We have had a pretty poor round of economic data here. Philly Fed is the second major manufacturing data that has slipped, which is potentially an ominous sign for manufacturing. Data thus far has not been encouraging. While manufacturing has not fallen off a cliff, it is showing some softening here."

"Home sales were disappointing and it shows that housing clearly benefited from the warmer weather earlier in the year and now we have pay back. This is not encouraging."

Tom Porcelli, Chief U.S. Economist, RBC Capital Markets, New York

Published: 2012-04-19 15:19:00 UTC+00

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May 24 at 2:25 UTC