US Philadelphia Fed Manufacturing Index rises to -5.9 in November vs. -9 expected

• Philadelphia Fed Manufacturing Index rose to -5.9 in November.
• US Dollar Index slides toward 104.30 after US data. 

The Diffusion Index for current general activity of the Federal Reserve Bank of Philadelphia’s Manufacturing Survey rose to -5.9 in November from -9 in October. This reading came in better than the market expectation of -9. 

“The survey’s indicator for general activity rose but remained negative. The indicator for shipments turned negative, while the indicator for new orders was positive but low. The employment index suggests steady employment overall, and both price indexes indicate overall increases in prices. The future indicators suggest that firms’ expectations for growth over the next six months remain subdued”, mentioned the publication. 

Further detail of the report revealed that the employment index declined three points to 0.8; the new orders fell three points to 1.3; and the price paid declined from 23.1 to 14.8. 

Market reaction

The US Dollar pulled back after the US Jobless Claims and the Philly Fed reports. The US Dollar Index turned lower after the reports, falling under 104.30.