Philly Fed Index Unexpectedly Contracts to -5.8

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May 17 (Bloomberg) -- Bloomberg's Erik Schatzker reports that manufacturing in the Philadelphia region unexpectedly shrank in May for the first time in eight months, reflecting a drop in orders and employment. The Federal Reserve Bank of Philadelphia’s general economic index fell to minus 5.8 this month, the lowest reading since September, from 8.5 in the previous month. He speaks on Bloomberg Television's "InBusiness." (Source: Bloomberg)

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