The May 2020 Philadelphia and Empire State regional surveys of manufacturing conditions, conducted by the Philadelphia and New York Federal Reserve Banks, respectively, showed the early stages of recovery among the regions' manufacturers, with improvements in current activity, new orders, and shipments after last month's historic lows.
Firms still face plenty of headwinds and uncertainty with COVID-19-related closures gradually being lifted. With the number of reported cases dropping (or at least leveling off) in most areas of the survey region, firms that had shuttered are beginning to reopen while others look to gradually add staff