The Federal Reserve Bank of Kansas City said Thursday that manufacturing growth in the Midwest and part of the Rocky Mountain region rebounded in May and that firms were more optimistic than in previous months.
The month-over-month composite index was 9 in May, up from 3 in April and equal to 9 in March, according to the report. Year-over-year factory indexes edged up to 27 from 24. Indexes over zero indicate growth. Likewise, future factory indexes rose solidly after two months of slight moderation. The composite future index climbed to 17 from 12.
Price indexes fell marginally overall, but prices for future finished goods rose somewhat, a change which indicates more firms plan to pass recent cost increases through to customers, the report said. The Kansas City Fed's district includes western Missouri, Nebraska, Kansas, Oklahoma, Wyoming, Colorado and northern New Mexico.