The Fifth District Manufacturing Index rose to -9 in May from -13 in April, signaling a slower pace of contraction in regional manufacturing activity.

• Shipments improved to -10 (from -17), and New Orders rose to -14 (from -15), while Employment edged up to -2 (from -5).
• Local Business Conditions deteriorated further to -25 (from -21), but future expectations rebounded to -6 (from -37).
• Backlogs improved to -19 (from -24), and Vendor Lead Times jumped to 15 (from 1).

• Prices Paid were nearly flat at 5.35% YoY (vs 5.37% prior), while Prices Received rose slightly to 2.73% (from 2.65%).
• Expectations for Prices Paid eased from 8.38% YoY to 6.75% YoY with Prices Received expectations also falling from 5.63% YoY to 4.84% YoY.