🇺🇸ISM Manufacturing PMI vs Regional Surveys

• May readings for U.S. regional surveys have seen declines across the board. Empire State Index fell to -11.6 from 24.6, Kansas City Fed Activity fell to 23 from 25, the Richmond Fed Mfg survey came at -9 from 14, and the Philadelphia Fed Activity Index dropped to 2.6 from 17.6. The average of the regional surveys for May came at 1.25, this is a sharp fall from the previous 20.3. All of this does not bode well for next week's ISM reports, the last reading came at 55.4, consensus sees the mfg index falling to 54.5.