The Index for current general activity in the Philadelphia Federal Reserve’s manufacturing business outlook survey increased to 39 in November, surpassing past expectations.
DXY down -0.17%, EUR USD up +0.33%
Market estimates were expecting an increase to 24. The Philadelphia Fed stated that general activity, shipments, new orders, and price indicators all increased from October.
Meanwhile, the employment index recorded a fall but remained high.
The survey indicated that the future indexes continue to signal that the firms expect growth over the next six months.
The index for new orders increased 17 points to 47.4. The current employment index dropped four points to 27.2 as the index for average workweek increased by three points at 30.6.
Inflationary pressures rose significantly as the index for prices increased by ten points to 80, the highest increase since June’s 42-year high.