Investing.com - Manufacturing activity in the Philadelphia-region fell less than expected in August, official data showed on Thursday.
In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index decreased to 18.9 this month from July’s reading of 19.5. Analysts had expected the index to decline to 18.5.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
With regard to future activity in the sector, new orders improved to 20.4, compared to the July's reading of 2.1.
The employment index decreased to 10.1 in August, compared to a prior reading of 10.9, indicating a slower pace of hiring.
“The diffusion index for general activity fell slightly but continued to reflect growth,” the Philly Fed noted in the report.
“There was a notable improvement in the new orders and shipments indexes, and overall employment expansion continued among the reporting firms,” it added, concluding that “the survey’s indexes of future activity indicate that firms expect a continuation of growth in the region’s manufacturing sector over the next six months.”
Following the report, that was released simultaneously with weekly jobless claims, EUR/USD traded at 1.1692, compared to 1.1691 prior to the publication, GBP/USD was at 1.2872 from 1.2871 ahead of the release of the data, while USD/JPY traded at 110.22 versus 110.17 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, was unchanged at 93.83.
Meanwhile, U.S. stock futures pointed to a lower open. The Dow futures fell 56 points, or 0.25%, the S&P 500 futures lost 6 points, or 0.24%, while the Nasdaq 100 futures traded down 29 points, or 0.48%.
Elsewhere, in the commodities market, gold futures exchanged hands at $1,290.46, compared to $1,290.70 prior to the release, while crude oil traded at $46.62 a barrel from $46.55 earlier.