Investing.com - Manufacturing activity in the Philadelphia-region expanded at the fastest rate in more than three years in August, easing concerns 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 improved to a reading of 28.0 this month from July's reading of 23.9. Analysts had expected the index to decline to 19.2 in August.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
The survey's indicator for general activity was higher this month, but indicators for new orders, shipments, and employment, while positive, fell from their readings in July.
The new orders index decreased 20 points, while the shipments index decreased 18 points.
The current indicators for labor market conditions suggested continued modest expansion in employment. The employment index remained positive for the 14th consecutive month but declined 3 points from its reading in July.
Most of the survey's broad indicators of future growth showed improvement this month. The future general activity index increased 8 points and is at its highest reading since June 1992.
Following the release of the data, the U.S. dollar held on to losses against the euro, with EUR/USD easing up 0.09% to trade at 1.3271.
Meanwhile, U.S. stock markets were higher after the open. The Dow picked up 0.3%, the S&P 500 tacked on 0.2%, while the NASDAQ Composite rose 0.15%.
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