Philly Fed’s Business Index Falls in May

The Federal Reserve Bank of Philadelphia’s business activity index declined to 31.5 this month from 50.2 in April, showing a steep decline in activity.

The survey results, published on Thursday, indicated that factory activity plummeted this month, following its best increase in about 50 years last month.

The employment index also fell to 19.3 from 30.8 in April, while the price paid index increased to 76.8 from 69.1.