US: Philly Fed Manufacturing Index declines to 17.2 in August vs. 21 expected
|The headline Diffusion Index of the Federal Reserve Bank of Philadelphia's Manufacturing Business Outlook Survey dropped to 17.2 in August from 24.1 in July. This print came in worse than the market expectation of 21.
Key takeaways
"The index for new orders decreased from 23.0 to 19.0. Over 34% of the firms reported increases in new orders this month, while 15% reported decreases."
"The current shipments index fell 6 points to 9.4 in August."
"On balance, the firms reported increases in manufacturing employment for the second consecutive month, but the current employment index fell 11 points to 9.0 this month."
"The respondents remained optimistic about growth over the next six months. The diffusion index for future general activity edged 3 points higher to 38.8 in August."
Market reaction
The US Dollar Index edged higher in the last minutes and is now gaining 0.1% on the day at 93.10.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.