US: Philly Fed Manufacturing Index jump to 34.4 in May vs. 21.0 expected

Results from the May Manufacturing Business Outlook Survey suggest continued growth for the region’s manufacturing sector. Below are some of the key highlights of the survey report, released this Thursday.

Key hightlights:

   •  The diffusion index for current general activity edged higher from 23.2 in April to 34.4 this month.
   •  New Orders Index: +40.6 vs April +18.4 
   •  Prices Paid Index: +52.6 vs April +56.4 
   •  Employment Index: +30.2 vs April +27.1
   •  Business Conditions: +34.4 vs April +23.2 
   •  Six-Month Business Conditions: +38.7 vs April +40.7 
   •  Six-Month Capital Expenditures Outlook: +21.6 vs April +29.8