Investing.com - Manufacturing activity in the Philadelphia-region expanded at the slowest pace in 12 months in February, fuelling concerns over the U.S. economic outlook, official data showed on Thursday.
In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index deteriorated to a reading of 5.2 this month from January’s reading of 6.3. Analysts had expected the index to rise to 9.3 in February.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
Although the current activity index fell for the third consecutive month, it remained positive, and the employment indicator increased from its reading last month.
The survey’s future activity index also fell but continues to reflect general optimism about manufacturing growth in the region over the next six months.
EUR/USD was trading at 1.1377 from around 1.1374 ahead of the release of the data, while GBP/USD was at 1.5428 from 1.5425 earlier, while USD/JPY was at 118.94 from 118.95 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, was at 94.42, compared to 94.44 ahead of the report.
Meanwhile, U.S. stock markets were mixed after the open. The Dow 30 fell 0.5%, the S&P 500 dipped 0.3%, while the Nasdaq 100 inched up 0.1%.
Elsewhere, in the commodities market, gold futures traded at $1,209.80 a troy ounce, compared to $1,210.10 ahead of the data, while crude oil traded at $50.14 a barrel from $50.30 earlier.