Investing.com – Manufacturing activity in Richmond plunged unexpectedly in April, official data showed on Tuesday.
In a report, the Federal Reserve Bank of Richmond said that its manufacturing index fell to 10.0 in April, compared to a reading of 20.0 in March.
Analysts had expected the index to remain unchanged at 20.0 in April.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
According to the report, all broad indicators, including shipments, new orders and employment continued to grow but at a rate below March's pace.
Survey measures of current prices revealed that prices of raw materials grew at a slightly higher rate and finished goods grew at a slightly slower pace in April.
Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD rising 0.18% to hit 1.4608.
Meanwhile, U.S. stock markets were up. The Dow Jones Industrial Average added 0.23%, the S&P 500 index climbed 0.33%, while the Nasdaq Composite index gained 0.2%.
In a report, the Federal Reserve Bank of Richmond said that its manufacturing index fell to 10.0 in April, compared to a reading of 20.0 in March.
Analysts had expected the index to remain unchanged at 20.0 in April.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
According to the report, all broad indicators, including shipments, new orders and employment continued to grow but at a rate below March's pace.
Survey measures of current prices revealed that prices of raw materials grew at a slightly higher rate and finished goods grew at a slightly slower pace in April.
Following the release of the data, the U.S. dollar was down against the euro, with EUR/USD rising 0.18% to hit 1.4608.
Meanwhile, U.S. stock markets were up. The Dow Jones Industrial Average added 0.23%, the S&P 500 index climbed 0.33%, while the Nasdaq Composite index gained 0.2%.