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USA: Philly Fed index falls in May

( - The expansion of manufacturing activity in the Philadelphia region weakened in May, according to the local Fed, whose general index fell 11 points to 4.
5 in May, largely reversing last month's rise.

More than 29% of companies reported an increase in overall activity this month (versus 38% last month), while 25% reported a decrease (versus 22%) and 46% reported no change (versus 40%).

New orders and shipments indicators turned negative, while the employment indicator suggests a decline in overall employment. However, companies continue to expect growth over the next six months.

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