Investing.com – Manufacturing activity in the U.S. state of Philadelphia rose less-than-expected in October after falling for two consecutive months, official data showed on Thursday.
In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index rose to 1.0 in October, after falling to 0.7 in September.
Analysts had expected the index to rise to 2.3 in October.
The report said that while the new orders index continued to suggest weak demand for manufactured goods and that the price of firm’s manufactured goods continued to decline, the survey’s indicators of future activity suggested that optimism among the region’s manufacturing executives improved notably in October.
Following the release of the data the U.S. dollar was down against the euro, with EUR/USD rising 0.50% to hit 1.4034.
Meanwhile, U.S. equity markets advanced: the Dow Jones Industrial Average surged 0.80%, the S&P 500 index soared 0.85%, while the Nasdaq 100 climbed 0.81%.
In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index rose to 1.0 in October, after falling to 0.7 in September.
Analysts had expected the index to rise to 2.3 in October.
The report said that while the new orders index continued to suggest weak demand for manufactured goods and that the price of firm’s manufactured goods continued to decline, the survey’s indicators of future activity suggested that optimism among the region’s manufacturing executives improved notably in October.
Following the release of the data the U.S. dollar was down against the euro, with EUR/USD rising 0.50% to hit 1.4034.
Meanwhile, U.S. equity markets advanced: the Dow Jones Industrial Average surged 0.80%, the S&P 500 index soared 0.85%, while the Nasdaq 100 climbed 0.81%.