Investing.com - Manufacturing activity in the Philadelphia-region expanded at the slowest rate in three months in September, dampening optimism 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 deteriorated to a reading of 22.5 this month from August’s reading of 28.0. Analysts had expected the index to decline to 23.0 in September.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
The survey’s indicators for future manufacturing conditions reflect general optimism about growth in activity and employment over the next six months.
The current new orders and shipments indexes edged higher this month, increasing 1 point and 5 points, respectively.
The employment index increased 12 points to its highest reading since May 2011.
Most of the survey’s indicators of future growth declined from their 22-year high readings reached last month. The future general activity index decreased 10 points.
EUR/USD was trading at 1.2894 from around 1.2888 ahead of the release of the data, while GBP/USD was at 1.6394 from 1.6380 earlier.
Meanwhile, U.S. stock markets were higher after the open. The Dow 30 picked up 0.4%, the S&P 500 tacked on 0.4%, while the NASDAQ 100 rose 0.5%.