Philly Fed manufacturing index rises to 3-year high in July
Investing.com
Published Jul 17, 2014 10:02AM ET
Philly Fed manufacturing index hits 3-year high in July
Investing.com - Manufacturing activity in the Philadelphia-region expanded at the fastest rate in more than three years in July, easing concerns over the U.S. economic outlook, official data showed on Thursday.
In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index improved to a reading of 23.9 this month from June’s reading of 17.8. Analysts had expected the index to dip to 16.0 in July.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
The current new orders and shipments indexes increased notably this month, increasing 17 points and 19 points, respectively.
The current indicators for labor market conditions also suggest improved conditions this month. The employment index remained positive, and, although it increased less than 1 point, it has improved for four consecutive months.
Following the release of the data, the U.S. dollar held on to losses against the euro, with EUR/USD easing up 0.02% to trade at 1.3528.
Meanwhile, U.S. stock markets were lower after the open. The Dow dipped 0.1%, the S&P 500 shed 0.1%, while the NASDAQ Composite declined 0.1%.
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Written By: Investing.com
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