US mid-Atlantic factory activity dips in May
Manufacturing activity in the US mid-Atlantic region continued growing at a robust pace in June, the results of one of the most closely-followed surveys for the sector showed.
The Federal Reserve Bank of Philadelphia's factory sector index dipped from May's reading of 31.5 to 30.7 for June.
Economists had projected a fall to 30.5.
Despite the strong headline reading, the key sub-index tracking firms' new orders fell from 32.5 to 22.2.
Delivery times also shortened, with that sub-index retreating from 41.5 to 29.3, offsetting the impact on the headline index from slower new orders.
In parallel, a sub-index for shipments improved from 21.0 to 27.2 while another for inventories decreased from 25.6 to 17.9.
The sub-index for employment also rose, from 19.3 to 30.7, although the sub-index linked to the length of the average employee workweek dropped from 35.5 to 20.1.