Investing.com - Manufacturing activity in the Philadelphia-region contracted unexpectedly in May, official data showed on Thursday.
In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index fell to minus 5.2 in May from April’s reading of 1.3.
Analysts had expected the index to improve to a reading of 2.4 in May.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
All of the survey’s broadest current indicators were negative this month, indicating weaker conditions compared with April.
The survey’s indicators of future activity improved, however, and suggest that firms expect overall growth over the next six months.
Following the release of the data, the U.S. dollar held on to losses against the euro, with EUR/USD adding 0.1% to trade at 1.2901.
Meanwhile, U.S. equity markets were higher after the open. The Dow Jones Industrial Average eased up 0.1%, the S&P 500 index was little changed, while the Nasdaq Composite index added 0.3%.
In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index fell to minus 5.2 in May from April’s reading of 1.3.
Analysts had expected the index to improve to a reading of 2.4 in May.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
All of the survey’s broadest current indicators were negative this month, indicating weaker conditions compared with April.
The survey’s indicators of future activity improved, however, and suggest that firms expect overall growth over the next six months.
Following the release of the data, the U.S. dollar held on to losses against the euro, with EUR/USD adding 0.1% to trade at 1.2901.
Meanwhile, U.S. equity markets were higher after the open. The Dow Jones Industrial Average eased up 0.1%, the S&P 500 index was little changed, while the Nasdaq Composite index added 0.3%.