PHILLY - Business Outlook Survey; 051911

From today's published Business Outlook Survey (Philly Fed Survey)

Responses to the Business Outlook Survey suggest that regional manufacturing activity grew slightly in May. Nearly all of the survey’s broadest indicators remained positive but fell from their readings in the previous month. The current employment index, however, showed resilience and improved this month. Indicators for prices fell back somewhat from their relatively high readings of recent months but still suggest considerable price pressure. The survey’s indicators of future activity fell sharply this month, reflecting consensus about future growth.