Investing.com – Manufacturing activity in Philadelphia fell unexpectedly in January, official data showed on Thursday.
In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index declined to 19.3 in January, after rising to 20.8 in December, whose figure was revised down from 24.3.
Analysts had expected the index to rise to 21.0 in January.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
The report said that all of the survey's broad indicators remained positive this month and there was an apparent pickup in new orders and employment.
In addition, the survey's broad indicators of future activity suggest that firms expect a continued expansion in activity over the next six months.
Following the release of the data the U.S. dollar was up against the euro, with EUR/USD falling 0.07% to hit 1.3463.
Meanwhile, U.S. stock markets were down: the Dow Jones Industrial Average slipped 0.19%, the S&P 500 index lost 0.23%, while the Nasdaq 100 dropped 0.85%.
In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index declined to 19.3 in January, after rising to 20.8 in December, whose figure was revised down from 24.3.
Analysts had expected the index to rise to 21.0 in January.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
The report said that all of the survey's broad indicators remained positive this month and there was an apparent pickup in new orders and employment.
In addition, the survey's broad indicators of future activity suggest that firms expect a continued expansion in activity over the next six months.
Following the release of the data the U.S. dollar was up against the euro, with EUR/USD falling 0.07% to hit 1.3463.
Meanwhile, U.S. stock markets were down: the Dow Jones Industrial Average slipped 0.19%, the S&P 500 index lost 0.23%, while the Nasdaq 100 dropped 0.85%.