Philly Fed Index Falls To 6.7 In May From 7.5 In April

The Philadelphia Fed's manufacturing index increased to a reading of 6.7 in May, below the 7.5 in April and the 8.8 forecast in a MarketWatch-compiled economist poll. Any reading above zero indicates expansion. The subcomponent for new orders rose to 4.0 from 0.7, while the shipments index increased to 1.0 from negative 1.8. Employment slipped to 6.7 from 11.5. The prices paid index moved further into negative territory.