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Philly Fed Index Unexpected Slumps To -10.2 In December
(RTTNews) - A report released by the Federal Reserve Bank of Philadelphia on Thursday unexpectedly showed a notable decrease by its reading on regional manufacturing activity in the month of December.
The Philly Fed said its diffusion index for current general activity slumped to a negative 10.2 in December from a negative 1.7 in November, with a negative reading indicating contraction. Economists had expected the index to climb to a positive 3.0.
Looking ahead, the Philly Fed said most of the survey's future indicators softened but continued to suggest widespread expectations for growth over the next six months.
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