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May Philadelphia Fed Manufacturing Index Falls Sharply

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The Philadelphia Federal Reserve's monthly manufacturing index fell to minus 0.4 in May after rising to 26.7 in April, compared with expectations for a smaller decrease to a reading of 17.8 in a survey compiled by Bloomberg.

There were declines in the readings for shipments and new orders while employment index increased but remained below the breakeven point.

The prices paid measure also declined, but nearly 48% of respondents reported experiencing higher prices compared with none that reported paying lower prices.

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