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2026.05.2112:30:00UTC+00Philly Fed Employment Gauge Rises but Remains Negative in May

The Philadelphia Fed’s employment index for the U.S. manufacturing sector improved in May 2026, signaling a slower pace of job losses across the region. The indicator climbed to -2.8 in May from -5.1 in April 2026, according to data updated on 21 May 2026.

While the index remains in negative territory—indicating that, on balance, firms are still reporting declines in employment—the move toward zero suggests that the pressure on manufacturing payrolls has eased compared with the previous month. Market participants monitoring regional Fed surveys may view the smaller negative reading as a tentative sign of stabilization in labor conditions within the sector.

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