Financial News: Philly Fed Index Unexpectedly Indicates Contraction In Nov

Philly Fed Index Unexpectedly Indicates Contraction In November

11/21/2024 - 09:48:00 (RTTNews)

(RTTNews) - A report released by the Federal Reserve Bank of Philadelphia on Thursday said regional manufacturing activity softened overall in the month of November.

The Philly Fed said its diffusion index for current general activity tumbled to a negative 5.5 in November from a positive 10.3 in October, with a negative reading indicating contraction. Economists had expected the index to edge down to a positive 8.0.

The much bigger than expected slump by the headline index came amid decreases by the new orders and shipments indexes, although they remained positive.

The new orders index slid to 8.9 in November from 14.2 in October, while the shipments index fell to 4.5 in November from 7.4 in October.

Meanwhile, the report said the number of employees index jumped to a positive 8.6 in November from a negative 2.2 in October, indicating an increase in employment.

The Philly Fed also said firms continue to expect growth over the next six months, with growth expectations more widespread this month.

The diffusion index for future general activity surged to 56.6 in November from 36.7 in October, reaching its highest level since June 2021.

On the inflation front, the prices paid slipped to 26.6 in November from 29.7 in October, while the prices received index dipped to 14.3 in November from 17.9 in October.

A separate report released by the Federal Reserve Bank of New York last Friday showed regional manufacturing activity has seen a substantial turnaround in the month of November.

The New York Fed said its general business conditions index skyrocketed to a positive 31.2 in November from a negative 11.9 in October, with a positive reading indicating growth. Economists had expected the index to jump to a negative 0.7.

With the much bigger than expected increase, the general business conditions index reached its highest level since December 2021.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

Singapore Inflation Data Due On Monday (01 hr(s), 19 min(s), 45 sec(s) ago)
(RTTNews) - Singapore will on Monday release November numbers for consumer prices, highlighting a ...Full Story»

U.S. Consumer Sentiment Improves In Line With Preliminary Estimate In December (08 hr(s), 37 min(s), 45 sec(s) ago)
(RTTNews) - The University of Michigan released a report on Friday showing consumer sentiment in t ...Full Story»

U.S. Consumer Prices Inch Higher In November, Annual Growth Accelerates Slightly Less Than Expected (09 hr(s), 08 min(s), 45 sec(s) ago)
(RTTNews) - Consumer prices in the U.S. crept slightly higher in the month of November, according ...Full Story»

Slovenia Producer Prices Fall At Slower Rate (09 hr(s), 22 min(s), 45 sec(s) ago)
(RTTNews) - Slovenia's producer prices continued their declining trend in November, figures fr ...Full Story»

Croatia Jobless Rate Rises To 5.0% (09 hr(s), 37 min(s), 45 sec(s) ago)
(RTTNews) - Croatia's unemployment rate increased for the second straight month in November, f ...Full Story»

Denmark Economy Grows Less Than Estimated In Q3 (09 hr(s), 55 min(s), 45 sec(s) ago)
(RTTNews) - The Danish economy expanded less than initially estimated in the third quarter, the ...Full Story»

U.S. Consumer Prices Inch Up Slightly Less Than Expected In November (10 hr(s), 10 min(s), 45 sec(s) ago)
(RTTNews) - Consumer prices in the U.S. crept slightly higher in the month of November, according ...Full Story»

Sweden Producer Prices Rise, Retail Sales Growth Remains Stable (10 hr(s), 18 min(s), 45 sec(s) ago)
(RTTNews) - Producer prices in Sweden increased for the first time in three months in November, wh ...Full Story»