Kansas City Fed: Regional Manufacturing Activity "declined modestly" in May

From the Kansas City Fed: Tenth District Manufacturing Activity Declined Modestly

The Federal Reserve Bank of Kansas City released the May Manufacturing Survey today. According to Chad Wilkerson, vice president and economist at the Federal Reserve Bank of Kansas City, the survey revealed that Tenth District manufacturing activity declined modestly.

“Regional factory activity continued to drift down in May, as weakness in energy and agriculture-related manufacturing persisted,” said Wilkerson. “Still, firms expect a modest pickup in activity later this year.”
...
The month-over-month composite index was -5 in May, which is largely unchanged from April and March readings ...
emphasis added

The Kansas City region was hit hard by lower oil prices.

from Calculated Risk http://ift.tt/1UfIzad
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