Investing.com – Manufacturing activity in the Philadelphia-region expanded at a faster rate than expected in December, rising to the highest level since April, official data showed on Thursday.
In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index improved by 6.7 points to 10.3 in December from October’s reading of 3.6.
Analysts had expected the index to improve by 1.4 points to 5.0 in December.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
All of the broad indicators remained positive and suggest a modest expansion of activity. Increases in input prices were more widespread this month, and there was an uptick in the number of firms reporting increased prices for their own goods.
The broadest indicator of future activity reflected a trend of increased optimism about growth over the next six months.
Following the release of the data, the U.S. dollar remained lower against the euro, with EUR/USD rising 0.27% to trade at 1.3018.
Meanwhile, U.S. equity markets were broadly higher after the open. The Dow Jones Industrial Average climbed 0.9%, the S&P 500 index gained 0.85%, while the Nasdaq Composite index added 0.35%.
In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index improved by 6.7 points to 10.3 in December from October’s reading of 3.6.
Analysts had expected the index to improve by 1.4 points to 5.0 in December.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
All of the broad indicators remained positive and suggest a modest expansion of activity. Increases in input prices were more widespread this month, and there was an uptick in the number of firms reporting increased prices for their own goods.
The broadest indicator of future activity reflected a trend of increased optimism about growth over the next six months.
Following the release of the data, the U.S. dollar remained lower against the euro, with EUR/USD rising 0.27% to trade at 1.3018.
Meanwhile, U.S. equity markets were broadly higher after the open. The Dow Jones Industrial Average climbed 0.9%, the S&P 500 index gained 0.85%, while the Nasdaq Composite index added 0.35%.