India, May 15 -- Philadelphia-area manufacturing activity remained weak in the month of May, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday.
The Philly Fed said its diffusion index for current general activity jumped to a negative 4.0 in May from a negative 26.4 in April, but a negative reading still indicates contraction. Economists had expected the index to climb to a negative 11.0.
The sharp increase by the headline index partly reflected a substantial turnaround by new orders, as the new orders index spiked to a positive 7.5 in May from a negative 34.2 in April.
The number of employees index also surged to 16.5 in May from 0.2 in April, with most firms continuing to report no change in employme...