Investing.com - Manufacturing activity in the Philadelphia-region improved more-than-expected in September, but remained in contraction territory for the fifth consecutive month, official data showed on Thursday.
In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index improved by 5.2 points to minus 1.9 in September from August’s reading of minus 7.1.
Analysts had expected the index to improve by 3.1 points to a reading of minus 4.0 in September.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
Firms reported continuing declines in shipments, employment, and hours worked.
Indicators for the firms’ expectations over the next six months, however, improved notably this month, although the same firms forecast continued deceleration in production growth in the fourth quarter.
Following the release of the data, the U.S. dollar held on to gains against the euro, with EUR/USD tumbling 0.89% to trade at 1.2933.
Meanwhile, U.S. equity markets were broadly lower after the open. The Dow Jones Industrial Average shed 0.4%, the S&P 500 index declined 0.6%, while the Nasdaq Composite index fell 0.6%.
In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index improved by 5.2 points to minus 1.9 in September from August’s reading of minus 7.1.
Analysts had expected the index to improve by 3.1 points to a reading of minus 4.0 in September.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
Firms reported continuing declines in shipments, employment, and hours worked.
Indicators for the firms’ expectations over the next six months, however, improved notably this month, although the same firms forecast continued deceleration in production growth in the fourth quarter.
Following the release of the data, the U.S. dollar held on to gains against the euro, with EUR/USD tumbling 0.89% to trade at 1.2933.
Meanwhile, U.S. equity markets were broadly lower after the open. The Dow Jones Industrial Average shed 0.4%, the S&P 500 index declined 0.6%, while the Nasdaq Composite index fell 0.6%.