The region’s manufacturing sector continued to expand, but at a much slower pace in May, as the general business conditions index slumped to 3.9 from 18.5 in April, the Federal Reserve Bank of Philadelphia Report on Business indicates.

Economists expected a reading of 20.0. The prices paid index was 48.3 compared to 57.1 last month, new orders fell to 5.4 from 18.8, and shipments slid to 6.5 from 29.1.

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