Investing.com – Manufacturing activity in the Philadelphia-region expanded at a slower rate than expected in January, official data showed on Thursday.
In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index worsened by 3.0 points to 7.3 in January from November’s reading of 10.3.
Analysts had expected the index to improve by 0.7 points to 11.0 in January.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
All of the broad indicators remained positive this month and firms continued to report increases in employment.
The new orders index remained positive for the fourth consecutive month but declined from a revised reading of 10.7 in December to 6.9 this month. The shipments index also remained positive but fell 3 points.
The survey's broad indicators of future activity improved again this month.
Following the release of the data, the U.S. dollar pared losses against the euro, with EUR/USD up 0.14% to trade at 1.2883.
Meanwhile, U.S. equity markets turned mixed to lower after the data. The Dow Jones Industrial Average dipped 0.1%, the S&P 500 index added 0.1%, while the Nasdaq Composite index edged 0.3% higher.
In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index worsened by 3.0 points to 7.3 in January from November’s reading of 10.3.
Analysts had expected the index to improve by 0.7 points to 11.0 in January.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
All of the broad indicators remained positive this month and firms continued to report increases in employment.
The new orders index remained positive for the fourth consecutive month but declined from a revised reading of 10.7 in December to 6.9 this month. The shipments index also remained positive but fell 3 points.
The survey's broad indicators of future activity improved again this month.
Following the release of the data, the U.S. dollar pared losses against the euro, with EUR/USD up 0.14% to trade at 1.2883.
Meanwhile, U.S. equity markets turned mixed to lower after the data. The Dow Jones Industrial Average dipped 0.1%, the S&P 500 index added 0.1%, while the Nasdaq Composite index edged 0.3% higher.