May Philly factory activity contracting at less rapid pace

WASHINGTON (MarketWatch) - Manufacturing in the Philadelphia region contracted at a less rapid pace in May, the Federal Reserve Bank of Philadelphia reported Thursday. The Philly Fed diffusion index rose to negative 15.6 in May from negative 24.9 in April. Readings below zero indicate contraction. The index has been negative since December. The May index was better than expected. Economists were expecting the index to improve only to negative 21.0.
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