US Factory Activity Rises Faster Than Expected

Factory activity in the U.S. mid-Atlantic region grew in May at a faster pace than expected, though it decelerated from the previous month, a survey showed on Thursday.

The Philadelphia Federal Reserve Bank said its business activity index fell to 15.4 from 16.6 the month before. That topped economists’ expectations for 14.0, according to a Reuters poll.

Any reading above zero indicates expansion in the region’s manufacturing. The survey covers factories in eastern Pennsylvania, southern New Jersey and Delaware.

New orders fell to 10.5 from 14.8 and an employment component improved to 7.8 from 6.9.

via CNBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza