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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