Investing.com – Manufacturing activity in the Philadelphia-region expanded at a slower rate than expected in November, official data showed on Thursday.
In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index deteriorated by 5.1 points to 3.6 in November from October’s reading of 8.7.
Analysts had expected the index to improve by 0.3 points to 9.0 in November.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
The survey's broad indicators for activity, shipments, and new orders recorded positive readings this month, but all declined slightly from their October readings.
Employment conditions improved, as indicated by increases in the indexes for employment and average workweek.
The broadest indicator of future activity showed marked improvement, and firms were notably more optimistic about future employment.
Following the release of the data, the U.S. dollar remained lower against the euro, with EUR/USD rising 0.4% to trade at 1.3516.
Meanwhile, U.S. equity markets were down after the open. The Dow Jones Industrial Average fell 0.35%, the S&P 500 index slumped 0.6%, while the Nasdaq Composite index retreated 0.75%.
In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index deteriorated by 5.1 points to 3.6 in November from October’s reading of 8.7.
Analysts had expected the index to improve by 0.3 points to 9.0 in November.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
The survey's broad indicators for activity, shipments, and new orders recorded positive readings this month, but all declined slightly from their October readings.
Employment conditions improved, as indicated by increases in the indexes for employment and average workweek.
The broadest indicator of future activity showed marked improvement, and firms were notably more optimistic about future employment.
Following the release of the data, the U.S. dollar remained lower against the euro, with EUR/USD rising 0.4% to trade at 1.3516.
Meanwhile, U.S. equity markets were down after the open. The Dow Jones Industrial Average fell 0.35%, the S&P 500 index slumped 0.6%, while the Nasdaq Composite index retreated 0.75%.