Economic Data and Growth
Payroll Growth Slows, While Manufacturing Adds Jobs
July 6, 2026Nonfarm payroll employment increased by 57,000 in June, coming in below expectations. Meanwhile, April’s job gain was revised downward by 31,000 to a gain of 148,000, while May’s job gain was revised downward by 43,000 to 129,000 jobs. The 12-month average stands at 42,200 jobs gains per month. Healthcare and social assistance exhibited the most…
Fifth District Manufacturing Slows, but Future Outlook Improves
June 29, 2026Manufacturing activity in the Fifth District rose at a slower pace in June after moving up in May, with the composite manufacturing index decreasing from 13 to 4. At the same time, local business conditions turned negative, moving down from 5 to −3 in June. Despite a weakening of current business conditions, manufacturers are more…
Manufacturing PMI Reaches 49-Month High, but Factory Hiring Drops
June 29, 2026The S&P Global Flash U.S. Manufacturing PMI rose for the 11th consecutive month from 55.1 to 55.7 in June, a 49-month high. Factory production improved at its fastest rate since July 2021, while new orders growth saw the largest rise since April 2022. Meanwhile, manufacturing employment saw its largest decline since May 2020 amid concerns…
Tenth District Factory Activity Gains Ground
June 29, 2026Manufacturing activity grew at a faster pace in the Tenth District in June, with the month-over-month composite index rising to 11 in June from 8 in May. Meanwhile, expectations for future activity were unchanged at 19. The month-over-month activity growth was due to gains in both durable and nondurable manufacturing. At the same time, all…
Housing Starts Drop Sharply, Led by Multifamily Pullback
June 22, 2026Building permits decreased 0.7% in May and 0.2% over the year. Permits for single-family homes in May rose 0.6% but fell 1.8% over the year. At the same time, permits for buildings with five or more units declined 3.5% from April but increased 3.0% over the year. In May, housing starts fell 15.4% from April…
New York Factory Growth Slows, but Hiring Gains Continue
June 22, 2026Manufacturing activity in New York state expanded at a slower pace in June, with the headline business conditions index falling 13.9 points to 5.7. The new orders index plummeted 19.2 points to 3.5, while the shipments index declined 10.3 points to 8.6, with both remaining in growth territory. Unfilled orders edged up 0.1 point to…
Trade Prices Keep Rising, Led by Fuel and Petroleum Products
June 22, 2026U.S. import prices increased 1.9% in May, after rising 2.0% in April, with higher fuel and nonfuel prices driving the increase. Over the year, import prices advanced 6.7% in May, the largest 12-month increase since August 2022. Meanwhile, U.S. export prices stepped up 1.3% in May, driven by higher prices for nonagricultural and agricultural exports.
Philly Manufacturing Rebounds, Led by New Orders and Hiring Gains
June 22, 2026In June, Philadelphia’s regional manufacturing activity expanded after contracting slightly last month, with the index for general business activity rising from -0.4 to 10.3. This month, 32.1% reported increases, while 21.9% reported decreases. New orders rebounded, moving up from -1.7 to 27.3, while shipments rose from 4.9 to 14.9. Meanwhile, the employment index improved and…
Fed Holds Rates Under New Chair; Projections Turn More Hawkish
June 22, 2026As anticipated, the Federal Open Market Committee maintained its interest rate target range at 3.50%–3.75% at its June meeting. In a change to its previous statement, the FOMC noted expanding economic activity, productivity growth and strong capital investment. Furthermore, the statement cited strong job gains as well as elevated inflation, attributable to supply shocks in…
