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Patrick Harker, president and chief executive officer of the Federal Reserve Bank of Philadelphia.
The Philadelphia Federal Reserve said on Tuesday its barometer of non-manufacturing business activity in the U.S. Mid-Atlantic region fell to its lowest level so far in 2017 in May, led by declines in new orders and employment.
The regional bank of the Fed said its index on business activity at services companies in the region fell to 25.8 points, the lowest since November 2016 when it was 16.8. It was 34.9 points in April.
The latest readings “suggest that business activity continued to expand in May. However, all of the diffusion indexes moderated from the prior month, and almost all are now nearer to their historical averages,” the Philadelphia Fed said in a statement.
The survey’s component for new orders tumbled 18 points to 15.0 in May, while its measure of full-time employment dropped 17 points to 9.3, it said.
The reading on services firms’ six-month outlook declined to 49.9 from 59.1 in April.