Philadelphia Manufacturing Index Contracts

An index of manufacturing activity in the Philadelphia region in May showed contraction for the first time in eight months, the Federal Reserve Bank of Philadelphia said Thursday.

The region’s factory index fell to a reading of minus 5.8, from a reading of 8.5 in March. Readings greater than zero indicate expansion.

The May reading was the lowest since September and was below economists’ forecasts of a 10 reading, Bloomberg reported.

The Philadelphia Fed surveys about 100 manufacturers for the index in eastern Pennsylvania, Delaware and southern New Jersey.

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