Investing.com – Manufacturing activity in the Philadelphia-region improved less-than-expected in September, remaining in negative territory for the second consecutive month, official data showed on Thursday.
In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index improved by 13.2 points to minus 17.5 in September from August’s reading of minus 30.7.
Analysts had expected the index to improve to minus 15.0 in September.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
The survey's broad indicators for activity, shipments, and new orders all remained negative for the second consecutive month.
The broadest indicator of future activity remained positive and rebounded this month, suggesting that recent declines are not expected to continue over the next six months.
Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD jumping 0.97% to trade at 1.3887.
Meanwhile, U.S. equity markets were sharply higher after the open. The Dow Jones Industrial Average climbed 1.3%, the S&P 500 index rose 1.25%, while the Nasdaq Composite index gained 1.1%.
In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index improved by 13.2 points to minus 17.5 in September from August’s reading of minus 30.7.
Analysts had expected the index to improve to minus 15.0 in September.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
The survey's broad indicators for activity, shipments, and new orders all remained negative for the second consecutive month.
The broadest indicator of future activity remained positive and rebounded this month, suggesting that recent declines are not expected to continue over the next six months.
Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD jumping 0.97% to trade at 1.3887.
Meanwhile, U.S. equity markets were sharply higher after the open. The Dow Jones Industrial Average climbed 1.3%, the S&P 500 index rose 1.25%, while the Nasdaq Composite index gained 1.1%.