US Philadelphia Fed Manufacturing Index Rises To 12 In August Vs. -10 Expected
The diffusion index for current general activity of the Federal Reserve Bank of Philadelphia's Manufacturing Survey improved sharply to 12 in August from -13.5 in July. This reading marked the first positive reading in a year and came in much better than the market expectation of -10.
"The index for new orders — which had been negative for 14 consecutive months — climbed 32 points to 16.0, and the shipments index rose 18 points to 5.7," the Philadelphia Fed noted in its press release. "On balance, the firms reported a decline in employment, and the employment index moved down 5 points to -6.0."
Market reaction
The US Dollar struggles to find demand despite the upbeat data. As of writing, the US Dollar Index was down 0.25% on the day at 103.20.
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