Investing.com - Manufacturing activity in the Philadelphia-region expanded at a faster rate than expected in June, easing 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 improved to a reading of 17.8 this month from May’s reading of 15.4. Analysts had expected the index to dip to 14.0 in June.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
The survey's indicators for general activity, new orders, and shipments were positive for the fourth consecutive month and improved from their readings in May.
Current employment was also higher among the reporting firms this month.
The survey's indicators of future activity improved notably, suggesting that firms are more optimistic about continued growth over the next six months.
Following the release of the data, the U.S. dollar held on to losses against the euro, with EUR/USD rising 0.28% to trade at 1.3632.
Meanwhile, U.S. stock markets were steady after the open. The Dow rose 0.03%, the S&P 500 tacked on 0.05%, while the Nasdaq 100 declined 0.1%.