US: Philly Fed Nonmanufacturing Index declines from 23.7 to 17.9 in August

Philly Fed Nonmanufacturing Index edged lower in August.
US Dollar Index stays in the negative territory above 93.00.

Eren Sengezer FXStreet

The headline Diffusion Index of the Federal Reserve Bank of Philadelphia's Nonmanufacturing Business Outlook Survey dropped to 17.9 in August from 23.7 in July, the monthly data showed on Tuesday.

Key takeaways

"The new orders index edged down 2 points to 11.6 in August but has now recorded positive readings for two months."

"Although still negative, the full-time employment index rose 5 points to -3.0, rising for the fourth consecutive month after reaching an all-time low in April."

"The diffusion index for future activity at the firm level edged down 4 points, from a reading of 39.1 in July to 35.0 this month."

Market reaction

The US Dollar Index largely ignored this data and was last seen losing 0.15% on the day at 93.15.

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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