Investing.com – The Philadelphia Federal Reserve index of manufacturing activity rose less-than-expected in September, remaining negative for the second consecutive month, official data showed on Thursday.
In a report, the Federal Reserve Bank of Philadelphia said that its index of manufacturing activity rose to -0.7 in September, after falling to -7.7 in August.
Analysts had expected the index to rise to 0.0 in September.
On the index, a level below 0.0 indicates pessimism, while a level above 0.0 indicates optimism.
The reading indicates that growth has stalled over the last two months, with indexes for new orders and shipments continuing to indicate weakness.
The new orders index fell 1 point, remaining negative for the third consecutive month, and the shipments index decreased 3 points, remaining negative for the second consecutive month.
The report said that employment levels remained steady but noted a reduction in the number of hours worked.
Following the release of the data the U.S. dollar was down against the euro, with EUR/USD gaining 0.69% to hit 1.3102.
Meanwhile, U.S. equities markets turned lower. The Dow Jones Industrial Average slipped 0.07%, the S&P 500 fell 0.27% and the Nasdaq 100 declined 0.18%.
In a report, the Federal Reserve Bank of Philadelphia said that its index of manufacturing activity rose to -0.7 in September, after falling to -7.7 in August.
Analysts had expected the index to rise to 0.0 in September.
On the index, a level below 0.0 indicates pessimism, while a level above 0.0 indicates optimism.
The reading indicates that growth has stalled over the last two months, with indexes for new orders and shipments continuing to indicate weakness.
The new orders index fell 1 point, remaining negative for the third consecutive month, and the shipments index decreased 3 points, remaining negative for the second consecutive month.
The report said that employment levels remained steady but noted a reduction in the number of hours worked.
Following the release of the data the U.S. dollar was down against the euro, with EUR/USD gaining 0.69% to hit 1.3102.
Meanwhile, U.S. equities markets turned lower. The Dow Jones Industrial Average slipped 0.07%, the S&P 500 fell 0.27% and the Nasdaq 100 declined 0.18%.