US: Philly Fed Manufacturing Index declines to 26.3 in November vs. 22 expected

Manufacturing activity in Philadelphia region lost momentum in November.
US Dollar Index advances above 92.60 after the data.

Eren Sengezer FXStreet

The headline Diffusion Index of the Federal Reserve Bank of Philadelphia's Manufacturing Business Outlook Survey edged lower to 26.3 in November from 32.3 in October. This reading came in better than the market expectation of 22.

Market reaction

The US Dollar Index is pushing higher after the data and was last seen gaining 0.05% on the day at 92.63.

Key takeaways

"The index for new orders decreased 5 points to a reading of 37.9."

"Nearly 49% of the firms reported increases in new orders this month, compared with 55% last month."

"On balance, the firms reported increases in manufacturing employment for the fifth consecutive month."

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

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