ECONODAY: A headline gain for the Philly Fed index, to 7.5 for its April reading vs 5.0 for March, masks slowing in new orders, at only 0.7 to show the least monthly growth in nearly two years, since May 2013. And backlog orders, and minus 7.1, are in contraction for a second straight month. These order readings are very similar to those in yesterday's Empire State report with both reports pointing to slowing ahead for a manufacturing sector that is already stalling...
