U.S. Philly Fed manufacturing index slid 0.8 points to 6.7 in May U.S. Philly Fed manufacturing index slid 0.8 points to 6.7 in May after rebounding 2.5 points to 7.5 in April. This is the 5th monthly decline out of six (the April increase had broken a string of 4 straight monthly drops since the index surged 21.2 points to 40.2 in November, which was the highest since December 1993). The components were mixed. The employment index fell back to 6.7 after jumping to 11.5 in April. The workweek sunk to -5.6 from 3.4. New orders rose to 4.0 from 0.7 previously. Prices paid double down and dropped to -14.2 from -7.5. Prices received slid to -5.4 from -4.1. The 6-month index dipped to 33.9 from 35.5, though employment improved to 21.5 from 20.6, and cap-ex rose to 16.8 from 15.8. The report is disappointing, however, and will support Treasury market gains.