Philly Fed index slips in April, even as new orders jump back
Factory activity in the US mid-Atlantic region slowed in April, according to the results of one of the most closely-followed surveys covering the sector.
The Federal Reserve bank of Philadelphia's manufacturing sector gauge slipped from a reading of 13.7 for March to 8.5 in April.
Consensus was expecting a reading of 11.0.
However, the most forward-looking sub-index, linked to new orders, jumped from 1.9 to 15.7, with another that tracks inventory levels retreating from 17.2 to 2.6.
A gauge of the prices paid by firms also moved higher, from 19.7 to 21.6, as did those linked to the jobs market, signaling both increased hiring and longer workweeks.