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.