According to the Federal Reserve Bank of Philadelphia report released Thursday, the manufacturing activity index from the Manufacturing Business Outlook Survey fell to 15.4 points in December from 39.0 in November. That was a much larger drop than the expected drop to 30.0 points.
About the Philadelphia Fed Manufacturing Index
It is an index on the conditions of the manufacturing sector of the Federal Reserve Bank of Philadelphia. This survey serves as an indicator of the trend of the manufacturing sector, it is related to the ISM index (Institute for Supply Management) and the industrial production index. It is also used as a forecast of the ISM index. A reading above expectations is bullish for the dollar, while a result below the market consensus is bearish.
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