Philly Fed manufacturing index drops to 6-month low of 6.5 in November

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Investing.com - Manufacturing activity in the Philadelphia-region in November expanded at the slowest pace in six months, dampening optimism 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 fell 6.5 in November from October's reading of 19.8.

Analysts had expected the index to decline to a reading of 15.0 in November.

On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.

Labor market indicators showed little improvement this month. The current employment index fell 14 points from its reading in October to 1.1.

The future general activity index fell 15 points, to 45.8.

Following the release of the data, the U.S. dollar added to losses against the euro, with EUR/USD adding 0.15% to trade at 1.3460.

Meanwhile, U.S. equity markets were higher after the open. The Dow Jones Industrial Average rose 0.4%, the S&P 500 index advanced 0.45%, while the Nasdaq Composite index jumped 0.7%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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