Investing.com - Manufacturing activity in the Philadelphia-region expanded at a slower rate than expected in April, official data showed on Thursday.
In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index fell to 1.3 in April from March’s reading of 2.0.
Analysts had expected the index to improve to a reading of 3.0 in April.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
Indicators for new orders and employment were weaker this month. The survey's broad indicators of future activity suggest that firms expect continued growth, but optimism waned compared with last month.
Following the release of the data, the U.S. dollar held on to losses against the euro, with EUR/USD adding 0.15% to trade at 1.3052.
Meanwhile, U.S. equity markets were lower after the open. The Dow Jones Industrial Average fell 0.4%, the S&P 500 index declined 0.5%, while the Nasdaq Composite index lost 0.8%.
In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index fell to 1.3 in April from March’s reading of 2.0.
Analysts had expected the index to improve to a reading of 3.0 in April.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
Indicators for new orders and employment were weaker this month. The survey's broad indicators of future activity suggest that firms expect continued growth, but optimism waned compared with last month.
Following the release of the data, the U.S. dollar held on to losses against the euro, with EUR/USD adding 0.15% to trade at 1.3052.
Meanwhile, U.S. equity markets were lower after the open. The Dow Jones Industrial Average fell 0.4%, the S&P 500 index declined 0.5%, while the Nasdaq Composite index lost 0.8%.