Investing.com - Manufacturing activity in the Philadelphia-region unexpectedly fell in November, striking a blow to optimism over the health of the economy, official data showed on Thursday.
In a report, the Federal Reserve Bank of Philadelphia said that its manufacturing index slumped 22.7 this month from October’s reading of 27.9.
Analysts had expected the index to decline to 25.0.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions. The prices paid index rose to 39.0 from 38.10 the prior month. Meanwhile, employment fell to 22.6 from 30.6 in October.
"Almost all of the future indicators rose, and firms continue to expect growth in both activity and employment over the next six months," the report stated. The index has been positive for 16 consecutive months, according to the release.
Following the report, that was released simultaneously with weekly jobless claims, EUR/USD traded at 1.1773, compared to 1.1770 prior to the publication, GBP/USD was at 1.3200 from 1.3189 ahead of the release of the data, while USD/JPY traded at 113.04 versus 113.09 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, was at 93.79 compared to 93.85 ahead of the release.
Meanwhile, U.S. stock futures pointed to a higher open. The Dow futures surged 68 points, or 0.29%, the S&P 500 futures gained seven points, or 0.29%, while the Nasdaq 100 futures increased 24 points, or 0.39%.