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Financial News: Philly Fed Index Tumbles Much More Than Expected

Philly Fed Index Tumbles Much More Than Expected In December

12/16/2021 - 08:46:00 (RTTNews)

(RTTNews) - Philadelphia-area manufacturing activity grew at a substantially slower rate in the month of December, the Federal Reserve Bank of Philadelphia revealed in a report on Friday.

The Philly Fed said its diffusion index for current activity tumbled to 15.4 in December from 39.0 in November, although a positive reading still indicates growth. Economists had expected the index to slump to 30.0.

Looking ahead, the Philly Fed said its future general activity and new orders indexes moderated, but the surveyed firms remained generally optimistic about growth over the next six months.

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