Philly Fed index turns negative in May

WASHINGTON (MarketWatch)
Business among manufacturers in the Philadelphia region worsened in May, the Philadelphia Federal Reserve said Thursday
The bank's business-conditions index sank to -5.2 from 1.3 in April
Any number below zero indicates more companies are shrinking their business instead of growing it
Economists polled by MarketWatch expected the index to rise to 2.0
The Fed reported that the index for new orders fells to -7.9 from -1.0 in April, while shipments dropped to -8.5 from 9.1
The index for employment decreased to -8.7 from -6.8