Following a disappointing labor report before the bell, two positive trends in the macroeconomy were reported at 10 am on Thursday. The Philadelphia Federal Reserve’s manufacturing report failed to meet expectations for May, yet the regional survey improved slightly to -22.6 this month, from -24.4 in April. That score is indicative of widespread deterioration in overall conditions, but conditions have been improving now for three straight months. “Although the indexes for general activity...