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- US: Philadelphia Fed Manufacturing Index drops to -3.3 in June vs. 5.5 expected
US: Philadelphia Fed Manufacturing Index drops to -3.3 in June vs. 5.5 expected
- Philadelphia Fed Manufacturing Index fell into negative territory in June.
- US Dollar Index continues to fluctuate below 105.00 after this data.
The Federal Reserve Bank of Philadelphia's Manufacturing Business Outlook Survey's diffusion index for current general activity declined to -3.3 in June from 2.5 in May. This print missed the market expectation of 5.5 by a wide margin.
Additional takeaways
"The new orders index fell 35 points to -12.4, and the shipments index fell 25 points but remained positive at 10.8."
"On balance, the firms continued to report increases in employment, and the employment index moved up from 25.5 to 28.1."
"The indicators for prices paid and prices received continue to indicate widespread price increases but decreased this month. The prices paid index declined for the second consecutive month, down 14 points to 64.5."
Market reaction
The US Dollar Index stays below 105.00 after this data and Wall Street's main indexes remain on track to open sharply lower.
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