U.S. regional manufacturing continues to grow in May: survey

HOUSTON, May 20 (Xinhua) -- U.S. Federal Reserve Bank of Philadelphia on Thursday reported that manufacturing conditions in the region continued to improve in May.

According to the May Manufacturing Business Outlook Survey, the indicators for general activity, new orders and shipments declined from April's readings but remained elevated. Most future indexes moderated this month but continued to indicate that the firms expect growth over the next six months.

The diffusion index for current manufacturing activity decreased 19 points to 31.5 in May, after reaching long-term high readings in March and April. Both the new order index and the current shipments index fell 4 points in May.

This month, the firms reported increases in manufacturing employment, but increases were less widespread, as the current employment index decreased 12 points to 19.3. The future new orders index, the future shipments index, and the future employment index all decreased in May.

The Manufacturing Business Outlook Survey is a monthly survey of manufacturers in the Third Federal Reserve District covering eastern Pennsylvania, southern New Jersey and Delaware.

The Federal Reserve Bank of Philadelphia is one of the 12 regional Federal Reserve Banks that, together with the Board of Governors based in Washington, D.C., make up the Federal Reserve System.