By Jeffry Bartash
WASHINGTON (MarketWatch) - Business activity at manufacturing firms in the Philadelphia region grew in May but at a much slower pace compared to a few months ago, according to the survey issued Thursday by the Federal Reserve Bank of Philadelphia. The Philly Fed index sank to 3.9 in May from 18.5 in April, well below expectations of an increase to 20.1. Any reading over zero in the diffusion index indicates growth. Higher readings mean that more firms are reporting better conditions instead of worse conditions.
