Investing.com - Manufacturing activity in the Philadelphia-region shrank unexpectedly in January, official data showed on Thursday.
In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index fell to minus 5.8 in January from December’s reading of 4.6.
Analysts had expected the index to improve to a reading of 5.8 in January.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
The new orders index declined from a revised reading of 4.9 in December to minus 4.3 in January, while the shipments index remained slightly positive but suggests no overall growth.
The employment index, at -5.2, fell from -0.2 in December.
Following the release of the data, the U.S. dollar held on to losses against the euro, with EUR/USD adding 0.5% to trade at 1.3355.
Meanwhile, U.S. equity markets were modestly higher after the open. The Dow Jones Industrial Average rose 0.35%, the S&P 500 index added 0.35%, while the Nasdaq Composite index tacked on 0.35%.
In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index fell to minus 5.8 in January from December’s reading of 4.6.
Analysts had expected the index to improve to a reading of 5.8 in January.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
The new orders index declined from a revised reading of 4.9 in December to minus 4.3 in January, while the shipments index remained slightly positive but suggests no overall growth.
The employment index, at -5.2, fell from -0.2 in December.
Following the release of the data, the U.S. dollar held on to losses against the euro, with EUR/USD adding 0.5% to trade at 1.3355.
Meanwhile, U.S. equity markets were modestly higher after the open. The Dow Jones Industrial Average rose 0.35%, the S&P 500 index added 0.35%, while the Nasdaq Composite index tacked on 0.35%.