Manufacturing in Philadelphia Fed Area Unexpectedly Contracts
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Manufacturing in the Philadelphia region unexpectedly contracted in May for the first time in three months as new orders retreated and factories cut back on employment and hours.
The Federal Reserve Bank of Philadelphia’s general economic index declined to minus 5.2 from 1.3 the prior month. Readings greater than zero signal expansion in the area covering eastern Pennsylvania, southern New Jersey and Delaware. The median forecast of economists surveyed by Bloomberg called for a gain to 2.