Results from the May Manufacturing Business Outlook Survey suggest a pickup in growth of the region’s manufacturing sector. The survey’s indexes for general activity, new orders, shipments, and employment increased from their readings in April. A notable share of firms also reported higher prices for their own manufactured goods this month. The survey’s future indexes, measuring expectations for the next six months, reflected continued optimism. Current Indicators Suggest a Pickup in Growth The diffusion index for current general activity increased 11 points, from 23.2 in April to 34.4 this month (see Chart 1). Over ... (full story)