Manufacturing activity in the Federal Reserve Bank of Kansas City’s region “was sluggish in May, though export activity was strong and firms’ expectations for future factory activity remained generally positive,” according to the bank’s monthly manufacturing survey released yesterday. “Price pressures intensified, with continued increases in raw materials prices and a notable uptick in finished goods prices.”

The production index slipped to zero in May from positive 7 in April, while the volume of shipments index decreased to 6 from 10, and the volume of new orders index remained zero, and backlog of orders index improved to zero from negative 3.

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