Philly Fed manufacturing index weakens more than expected

• May Philly Fed Business Outlook: +31.5 vs. +45.0 consensus,  +50.2 prior.
• More than 43% of the firms surveyed reported increases in current activity this month, down from 59% last month; 12% reported decreases, up from 8% in April.
• Index for new orders fell 4 points from April to a reading of 32.5.
• Current shipments index fell 4 points to 21.0.
• Prices paid diffusion index jumped 8 points to 76.8, its highest reading since March 1980; almost 77% of the firms reported increases in input prices, while none reported decreases.
• Meanwhile, the current prices received index increased 7 points to 41.0, its highest level since May 1981.
• When firms were asked to forecast changes in prices over the next year, firms' median forecast was an increas