Economic Data and Growth

Building permits increased 5.8% in April but ticked down 0.2% over the year. Permits for single-family homes in April declined 2.6% and 5.5% over the year. On the other hand, permits for buildings with five or more units surged 22.7% from March and 11.5% over the year. In April, housing starts decreased 2.8% from March …

The S&P Global Flash U.S. Manufacturing PMI rose for the 10th consecutive month from 54.5 to 55.3 in May, a 48-month high. Factory production improved at its fastest rate since April 2022, while new orders growth slowed but marked its second-fastest pace of growth over the past four years. Meanwhile, export orders continue to decline …

In May, Philadelphia’s regional manufacturing activity contracted slightly after four consecutive months of growth, with the index for general business activity falling from 26.7 to -0.4. This month, 22.9% of firms noted decreases in activity, while 22.5% reported increases. New orders declined, moving from 33.0 to -1.7, while shipments grew at a slower pace, dropping …

Manufacturing activity grew at a slightly slower pace in the Tenth District in May, with the month-over-month composite index decreasing to 8 in May from 10 in April. Meanwhile, expectations for future activity ticked up 1 point to 19. The month-over-month activity slowdown was due to a decline in growth of durable manufacturing, which offset …

The NFIB Small Business Optimism Index edged up 0.1 point to 95.9 in April, remaining below the 52-year average of 98. April’s increase was due to improvements in most indices, with the largest uptick in earnings trends, which were partially offset by a notable decline in expected business conditions. Of the 10 components included in …