Investing.com - Manufacturing activity in the Philadelphia-region unexpectedly rose in October, bolstering 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 advanced to 27.9 this month from September’s reading of 23.8. That was its highest reading since May.
Analysts had expected the index to decline to 22.0.
On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.
The prices paid index rose to 38.10 this month, from the prior 34.40.
“The survey’s current indicators for general activity, new orders, shipments, and employment all remained positive this month,” the release noted.
“Both of the survey’s current labor market indicators showed notable improvement,” the Philly Fed said, adding that “the indexes assessing the six-month outlook suggest that firms remained optimistic about future growth.”
Following the report, that was released simultaneously with weekly jobless claims, EUR/USD traded at 1.1829, compared to 1.1835 prior to the publication, GBP/USD was at 1.3173 from 1.3175 ahead of the release of the data, while USD/JPY traded at 112.39 versus 112.42 earlier.
The US dollar index, which tracks the greenback against a basket of six major rivals, was at 93.07 compared to 93.01 ahead of the release.
Meanwhile, U.S. stock futures pointed to a lower open. The Dow futures fell 106 points, or 0.46%, the S&P 500 futures lost 12 points, or 0.48%, while the Nasdaq 100 futures traded down 40 points, or 0.66%.
Elsewhere, in the commodities market, gold futures exchanged hands at $1,288.98, compared to $1,291.18 prior to the release, while crude oil traded at $51.26 a barrel from $51.20 earlier.