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(a literal px value that does NOT // change when the primary row collapses). The collapsed bar then // simply overlays the content like any fixed header rather than // resizing the document on scroll. Non-toc-bar pages keep using the // live offsetHeight (their masthead height never changes on scroll). if (hasTocBar) { var fullMastheadHeight = parseFloat( getComputedStyle(document.body).getPropertyValue('--wdg-masthead-height') ); document.body.style.paddingTop = (fullMastheadHeight > 0 ? fullMastheadHeight : header.offsetHeight) + 'px'; } else { document.body.style.paddingTop = header.offsetHeight + 'px'; } } updateHeaderState(); // Attach the scroll listener for hero pages (transparent/solid toggle) and // for any page with the in-masthead submenu bar (so it still collapses to // the toc-bar on scroll even though it stays solid). if (isHero || hasTocBar) { window.addEventListener('scroll', updateHeaderState, { passive: true }); // Safety re-sync: a fast/programmatic jump to the top (browser scroll // restoration on back-nav, a "scroll to top" action, anchor jumps, // etc.) can land with coalesced scroll events so the final handler // run reflects a stale position, leaving the logo/transparency out of // sync with the resting scrollY. `scrollend` fires once the scroll has // settled, guaranteeing one final correct update. Harmlessly ignored // by browsers that don't support it. window.addEventListener('scrollend', updateHeaderState, { passive: true }); } window.addEventListener('resize', updateHeaderState); // Marquee + in-masthead TOC: sticky-toc.js dispatches this when the // active TOC item changes so we can flip into / out of the forced // is-solid state immediately on click rather than waiting for the // next scroll/resize. window.addEventListener('wdg:toc-section-change', updateHeaderState); var searchOpenClass = 'is-search-open'; var searchModal = document.getElementById('search-modal'); function openSearchModal() { if (typeof window._searchModalOpen === 'function') { window._searchModalOpen(); } document.querySelectorAll('.js-search-toggle').forEach(function(btn) { btn.classList.add(searchOpenClass); btn.setAttribute('aria-expanded', 'true'); }); } function closeSearchModal() { if (typeof window._searchModalClose === 'function') { window._searchModalClose(); } document.querySelectorAll('.js-search-toggle').forEach(function(btn) { btn.classList.remove(searchOpenClass); btn.setAttribute('aria-expanded', 'false'); }); } document.querySelectorAll('.js-search-toggle').forEach(function(btn) { btn.addEventListener('click', function(e) { e.preventDefault(); if (searchModal && searchModal.classList.contains('is-open')) { closeSearchModal(); } else { openSearchModal(); } }); }); var mobileSearchBtn = document.querySelector('.js-mobile-search-open'); if (mobileSearchBtn) { mobileSearchBtn.addEventListener('click', function(e) { e.preventDefault(); var mobileOverlay = document.getElementById('mobile-menu'); if (mobileOverlay) { mobileOverlay.setAttribute('aria-hidden', 'true'); mobileOverlay.classList.remove('is-open'); } openSearchModal(); }); } function updateAdminBarState() { var ab = document.getElementById('wpadminbar'); if (!ab) return; var rect = ab.getBoundingClientRect(); var hidden = rect.bottom <= 0; document.body.classList.toggle('adminbar-hidden', hidden); } updateAdminBarState(); window.addEventListener('scroll', updateAdminBarState, { passive: true }); window.addEventListener('resize', updateAdminBarState); })();

Economic Data and Growth

Flash PMI Sets a New Cycle High as Supply Disruptions Drive Costs Higher

The S&P Global Flash U.S. Manufacturing PMI rose for the 10th consecutive month from 54.5 to 55.3 in May, a 48-month high. Factory production improved at its fastest rate since April 2022, while new orders growth slowed but marked its second-fastest pace of growth over the past four years. Meanwhile, export orders continue to decline …

Philly Manufacturing Activity Contracts, but Outlook Improves

In May, Philadelphia’s regional manufacturing activity contracted slightly after four consecutive months of growth, with the index for general business activity falling from 26.7 to -0.4. This month, 22.9% of firms noted decreases in activity, while 22.5% reported increases. New orders declined, moving from 33.0 to -1.7, while shipments grew at a slower pace, dropping …

Small Business Sentiment Barely Improves as Hiring Challenges Top Concerns

The NFIB Small Business Optimism Index edged up 0.1 point to 95.9 in April, remaining below the 52-year average of 98. April’s increase was due to improvements in most indices, with the largest uptick in earnings trends, which were partially offset by a notable decline in expected business conditions. Of the 10 components included in …

Import and Export Prices Climb Sharply as Costs Rise Broadly

U.S. import prices increased 1.9% in April, after rising 0.9% in March, with higher fuel and nonfuel prices driving the increase. Over the year, import prices advanced 4.2% in April, the largest 12-month increase since October 2022. Meanwhile, U.S. export prices stepped up 3.3% in April, driven by higher prices for nonagricultural and agricultural exports. …

Industrial Output Rebounds, Led by Transit Equipment, Natural Gas and Autos

Industrial production rose 0.7% in April, while manufacturing output advanced 0.6% after ticking up 0.1% in March. At 97.9% of its 2017 average, manufacturing production increased 1.3% from April 2025. Capacity utilization for manufacturing was 75.8%, up 0.4 percentage points from March and 1.1% over the past year. Capacity utilization remained 2.4 percentage points below …

Inflation Heats Up Amid Rising Energy Costs

In April, consumer prices increased 0.6% from March and 3.8% over the year, up from the 3.3% annual rise in March and the greatest over-the-year increase since May 2023. Core CPI, which excludes more volatile energy and food prices, rose 0.4% from March and 2.8% over the year, up slightly from the 2.6% 12-month increase …

Building Permits Slide Even as Housing Starts Post Strong Gains

Building permits fell 10.8% in March and 7.4% over the year. Permits for single-family homes in March decreased 3.8% and 7.9% over the year. At the same time, permits for buildings with five or more units plummeted 23.5% from February and 5.3% over the year. In March, housing starts jumped 10.8% from February and the …

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