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Financial News: Philly Fed Index Unexpectedly Slumps To -19.4 In

Philly Fed Index Unexpectedly Slumps To -19.4 In November

11/17/2022 - 08:45:00 (RTTNews)

(RTTNews) - A report released by the Federal Reserve Bank of Philadelphia on Thursday showed regional manufacturing activity unexpectedly contracted at a faster rate in the month of November.

The Philly Fed said its diffusion index for current activity tumbled to a negative 19.4 in November from a negative 8.7 in October, with a negative reading indicating a contraction in regional manufacturing activity.

The decrease by the Philly Fed index came as a surprise to economists, who had expected the index to inch up to a negative 6.2.

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