Market Commentary - Thu, May 15 - 10:28 AM ET There was a full plate of economic news that hit the wires this morning that started off with the New York State Empire Manufacturing Index reported by the Federal Reserve of New York. The index indicated that manufacturing in that region fell in May for the time in four months, as a drop in orders caused businesses to pull back. Due to the recent housing slowdown companies are cautious to ramp up production. Readings below zero indicate contraction. Initial Jobless Claims for the week ended May 10 rose 6,000 to 371,000 as reported by the Labor Department this morning. The four-week average of initial claims fell 1,000 to 365,750. Compared with last year, both initial and continuing claims are up about 23%. In late March initial claims rose to 406,000. During recession like periods they usually average 400,000. Another key manufacturing report was released this morning from the Philadelphia Federal Reserve. The Philly Fed's general activity index improved in May to -15.6 from April's -24.9, led by improvement in new orders, employment, and shipments. New orders came in at-3.7, an improvement from -18.8 in April. The index fell for the sixth month in a row in May, but did show some improvement from the previous month.