The May release of the Federal Reserve Bank of Philadelphia Business Outlook Survey (BOS) indicated a worsening of the regions manufacturing activity with the current activity index declining to a level of -1.8 while assessments the future activity also slipped to a level of 36.1.
The above chart shows the current and future activity indexes both with their corresponding 3-month moving averages. The red line marks the threshold between contraction and expansion for these diffusion indexes.
