08:50 AM EDT, 05/26/2026 (MT Newswires) -- The Philadelphia Federal Reserve Bank's monthly nonmanufacturing activity index declined to minus 23.6 in May from minus 16.5 in the previous month, compared with the expectations for an increase to minus 13 in a survey compiled by Bloomberg, indicating more widespread contraction in the sector.

The readings for new orders and employment increased in the month, while the sales and prices paid readings decreased.

The six-month outlook declined at the regional level, with only 24% of respondents expecting expansion in the region over the next six months compared with 33.6% that look for a decrease.