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Philly Fed index soars to 38.8 in May

That’s well above the economist forecast for a reading of 19.6. It marked the 10 month above zero on an index where any reading above zero indicates improving conditions. Gauges of news orders and shipments remained at high levels in May, according to the survey. The Philly Fed index is much stronger than the Empire State factory index, released Monday, which slumped to its first negative reading since the presidential election. The two regional manufacturing reports are of interest to traders primarily because they are seen as an early forecast of the national Institute for Supply Management factory survey due in two weeks.

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