Investing.com - Manufacturing activity in the Philadelphia-region expanded at the fastest pace since March 2011 in July, easing concerns over the U.S. economic outlook, official data showed on Thursday.
In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index rose 19.8 in July from June’s reading of 12.5.
Analysts had expected the index to decline to a reading of 7.8 in July.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
All of the survey’s broadest current indicators were positive, and most showed improvement from last month.
The survey’s indicators of future activity also showed a notable rise, suggesting that firms expect a pickup in business over the next six months.
Labor market conditions showed a notable improvement this month. The current employment index, at 7.7, registered its first positive reading in four months.
Following the release of the data, the U.S. dollar held on to gains against the euro, with EUR/USD shedding 0.34% to trade at 1.3081.
Meanwhile, U.S. equity markets were mixed after the open. The Dow Jones Industrial Average rose 0.4%, the S&P 500 index added 0.3%, while the Nasdaq Composite index fell 0.1%.
In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index rose 19.8 in July from June’s reading of 12.5.
Analysts had expected the index to decline to a reading of 7.8 in July.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
All of the survey’s broadest current indicators were positive, and most showed improvement from last month.
The survey’s indicators of future activity also showed a notable rise, suggesting that firms expect a pickup in business over the next six months.
Labor market conditions showed a notable improvement this month. The current employment index, at 7.7, registered its first positive reading in four months.
Following the release of the data, the U.S. dollar held on to gains against the euro, with EUR/USD shedding 0.34% to trade at 1.3081.
Meanwhile, U.S. equity markets were mixed after the open. The Dow Jones Industrial Average rose 0.4%, the S&P 500 index added 0.3%, while the Nasdaq Composite index fell 0.1%.