HOUSTON, May 17 (Xinhua) -- The May Manufacturing Business Outlook Survey indicated the manufacturing sector in some eastern U.S. states continued to grow, the Federal Reserve Bank of Philadelphia reported on Thursday.
Responses to the survey, conducted by the Federal Reserve Bank of Philadelphia which is responsible for the Third District covering eastern Pennsylvania, southern New Jersey, and Delaware, suggested that the region's manufacturing sector continued to expand in May.
The diffusion index for current general activity increased 11 points, from 23.2 in April to 34.4 this month. The diffusion index for future general activity decreased from 40.7 in April to 38.7 this month.
The indexes for general activity, new orders, shipments, and employment all improved from their readings last month. The indexes for prices paid and received continued to suggest price pressures.
Looking ahead six months, the firms continued to be optimistic about the outlook for manufacturing activity.
The Manufacturing Business Outlook Survey is a monthly survey of manufacturers in the Third Federal Reserve District. Participants indicate the direction of change in overall business activity and in the various measures of activity at their plants.
It is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington D.C., make up the Federal Reserve System.
