Investing.com – Manufacturing activity in the Philadelphia-region rose less-than-expected in July, official data showed on Thursday.
In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index improved to 3.2 in July from June’s reading of minus 7.7.
Analysts had expected the index to increase to 3.4 in July.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
The survey's indicators for activity and new orders, which had turned negative last month, recovered somewhat but are at very low positive readings.
Firms indicated that employment grew modestly while the average workweek lessened.
The broadest indicator of future activity improved markedly this month, rebounding from its lowest reading in 31 months in June.
Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD climbing 0.92% to trade at 1.4346.
Meanwhile, U.S. equity markets were broadly higher. The Dow Jones Industrial Average rose 1%, the S&P 500 index jumped 1.25%, while the Nasdaq Composite index advanced 0.65%.
In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index improved to 3.2 in July from June’s reading of minus 7.7.
Analysts had expected the index to increase to 3.4 in July.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
The survey's indicators for activity and new orders, which had turned negative last month, recovered somewhat but are at very low positive readings.
Firms indicated that employment grew modestly while the average workweek lessened.
The broadest indicator of future activity improved markedly this month, rebounding from its lowest reading in 31 months in June.
Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD climbing 0.92% to trade at 1.4346.
Meanwhile, U.S. equity markets were broadly higher. The Dow Jones Industrial Average rose 1%, the S&P 500 index jumped 1.25%, while the Nasdaq Composite index advanced 0.65%.