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Philadelphia Fed May Business Index Slows, Beats Expectations

Dow Jones Business News (05/15/14) Kathleen Madigan

Manufacturers in the mid-Atlantic region are continuing to recover from harsh winter weather, according to the U.S. Federal Reserve Bank of Philadelphia. The Philadelphia Fed’s business index fell from 16.6 in April to 15.4 in May. Economists polled by the Wall Street Journal had forecast a decline to 13.8. Readings above zero indicate expansion.

Meanwhile, the employees index rose from 6.9 in April to 7.8 in May, and the workweek index fell from 5.0 to 2.9.