Philly Fed index declines amid drop in new orders

Factory activity in the US mid-Atlantic region slowed a tad more than expected in May, the results of a closely-followed survey revealed.

The Federal Reserve Bank of Philadelphia's manufacturing sector index slipped from a reading of 15.5 in April to 4.5 for May.

Economists had pencilled in a decline to 8.

A sub-index of new orders registered the largest drop, falling from 12.2 to -7.9.

The sub-index tracking the prices paid did however dip, from 23.0 to 18.7.

Another sub-index linked to the number of employees improved from -10.7 to -7.9.

-- More to follow --