Investing.com – Manufacturing activity in the Philadelphia-region plunged in April, retreating from March’s 27-year high, official data showed on Thursday.
In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index plummeted to 18.5 in April, compared to March’s reading of 43.4.
Analysts had expected the index to decline to 36.8 in April.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
Increases in input prices continue to be widespread, and a significant percentage of firms reported increases in prices for their own manufactured goods. The survey’s indicators of future activity fell notably this month, however most firms expect continued growth over the next six months.
Following the release of the data the U.S. dollar was down against the euro, with EUR/USD gaining 0.21% to hit 1.4553.
Meanwhile, U.S. stock markets were higher after the open. The Dow Jones Industrial Average edged 0.05% higher, the S&P 500 index rose 0.3%, while the Nasdaq 100 climbed 0.8%.
In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index plummeted to 18.5 in April, compared to March’s reading of 43.4.
Analysts had expected the index to decline to 36.8 in April.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
Increases in input prices continue to be widespread, and a significant percentage of firms reported increases in prices for their own manufactured goods. The survey’s indicators of future activity fell notably this month, however most firms expect continued growth over the next six months.
Following the release of the data the U.S. dollar was down against the euro, with EUR/USD gaining 0.21% to hit 1.4553.
Meanwhile, U.S. stock markets were higher after the open. The Dow Jones Industrial Average edged 0.05% higher, the S&P 500 index rose 0.3%, while the Nasdaq 100 climbed 0.8%.