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17 Nov 2022
US: Philadelphia Fed Manufacturing Index drops to -19.4 in November vs. -6.2 expected
- Philadelphia Fed Manufacturing Index fell sharply in November.
- US Dollar Index clings to strong daily gains slightly above 107.00.
The Federal Reserve Bank of Philadelphia's Manufacturing Business Outlook Survey's diffusion index for current general activity dropped to -19.4 in November from -8.7 in October. This print came in worse than the market expectation of -6.2.
"The employment index declined but continued to suggest overall hiring, and the price indexes continued to suggest overall increases," the publication further read. "Although the survey’s future indexes rose slightly, they continued to suggest that the firms expect overall declines in activity and new orders six months from now."
Market reaction
The US Dollar (USD) preserves its strength despite the disappointing data and the US Dollar Index was last seen rising 0.75% on the day at 107.08.