Manufacturing activity in US mid-Atlantic region slips in April

Factory activity in the US mid-Atlantic region cooled in April alongside a decrease in price pressures.

The Federal Reserve bank of Philadelphia's manufacturing sector gauge retreated from a reading of 32.8 for March to 22.0 for April.

Economists had penciled in a reading of 25.5.

A key forward-looking indicator contained in the report, the sub-index for new orders, fell back from March's reading of 38.6 to 27.4.

Another widely-scrutinised sub-index linked to the prices firms pay for their inputs also moderated, decreasing to 33.7 after a print of 44.7 for the month before.

The more backward-looking indicators on the other hand, more specifically those linked to the state of the labour market, did improve, with the gauge tracking staff levels at firms gaining from 17.5 to 19.9, while another tied to the length of the average employee workweek edged up from 18.5 to 18.9.