5/17/12, "Manufacturing in Philadelphia Region Unexpectedly Contracts," Bloomberg, L. Woellert
"Manufacturing in the Philadelphia region unexpectedly shrank in May for the first time in eight months, reflecting a drop in orders and employment.
The Federal Reserve Bank of Philadelphia’s general economic index fell to minus 5.8 this month, the lowest reading since September, from 8.5 in the previous month. Economists forecast the gauge would rise to 10, according to the median estimate in a Bloomberg News survey. Readings less than zero signal contraction in the area covering eastern Pennsylvania, southern New Jersey and Delaware....
Other reports today showed More Americans than forecast filed applications for unemployment benefits last week, the Bloomberg Consumer Comfort Index dropped to the lowest level in almost four months, and the index of leading economic indicators unexpectedly decreased in April....
The region’s manufacturers also turned more pessimistic about the future. The index of the outlook for six months from now dropped to 15, the lowest since August, from 33.8 in April."...
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