Phili Fed - May survey - survey show GAC at -22.6 vs -24.4 in April

Summary (source Philadelphia Fed)

According to respondents to the May survey, activity in the region's manufacturing sector continued to decline this month. But evidence that declines are moderating was again present. While the broad indicators remained negative, most have improved from April. Responses to special questions offered corroboration that declines have been moderating for a significant proportion of firms. Most broad indicators for future business conditions improved markedly again this month, suggesting that an increasing number of the region's manufacturing executives expect a recovery in business activity before the end of the year.

Special Questions (May 2009)

1. Over the past two months, how would you characterize the underlying demand for your manufactured products?*

Increasing significantly	2.4%
Increasing modestly	22.0%
No change	19.5%
Decreasing modestly	31.7%
Decreasing significantly	24.4%

2. If you are currently experiencing declines in demand, how would you characterize the declines?

Declines have moderated.	31.8%
Declines have continued at a steady pace.	15.3%
Declines have been more severe.	16.6%
NR	36.5%

3. When do you expect to see an increase in demand at your company?*

One month	2.4%
2-3 months	14.1%
4-5 months	20.0%
6 months or more	44.7%
NR	18.8%