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The Philadelphia Federal Reserve Bank released its manufacturing index on Thursday. The index unexpectedly decreased to 6.7 in May from 7.5 in April, missing expectations for a rise to 8.0.
A reading above zero indicates expansion.
The fall was driven by decline in input prices. The prices paid index dropped to -14.2 in May from -7.5 in April, while the prices received index were down to -5.4 from -4.1.
The number of employees index declined to 6.7 in May from 11.5 last month.
The new orders index increased to 4.0 in May from 0.7 in April.
According to the report, the indicators of future activity continue to show that the manufacturing sector is expected to continue growing over the next six months.
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