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Philly Fed report: Businesses in South Jersey expect growth to continue over next 6 months

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The Federal Reserve Bank of Philadelphia reported in its Monthly Manufacturing Business Outlook Survey that most firms in the South Jersey region expect growth to continue over the next six months.

Firms responding to the report said that regional manufacturing activity in the region has continued to expand in May.

According to the survey, the indexes for current general activity rose notably from its reading in April.

The indexes for future new orders and shipments remained at high readings, but fell from last month, the survey said. Firms also reported an increase in manufacturing employment this month, but the employment index fell. The index has, however, remained positive for six consecutive months.

The survey said the diffusion index for prices remained positive but decreased from its April readings, with 31 percent of firms reporting increases in the prices paid for inputs, compared with 36 percent in April.

Finally, the index for employment continued to show an uptick, with 37 percent of firms expecting to increase employment over the next six months, which is down from 46 percent last month.

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