Philly Fed Manufacturing Index Unexpectedly Strengthens in October By Investing.com

© Reuters. Philly Fed manufacturing index improves to 27.9 in October vs. 22.0 forecast

Investing.com – Manufacturing activity in the Philadelphia-region unexpectedly rose in October, bolstering optimism over the health of the economy, official data showed on Thursday.

In a report, the Federal Reserve Bank of Philadelphia said that its advanced to 27.9 this month from September’s reading of 23.8. That was its highest reading since May.

Analysts had expected the index to decline to 22.0.

On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.

The rose to 38.10 this month, from the prior 34.40.

“The survey’s current indicators for general activity, new orders, shipments, and employment all remained positive this month,” the release noted.

“Both of the survey’s current labor market indicators showed notable improvement,” the Philly Fed said, adding that “the indexes assessing the six-month outlook suggest that firms remained optimistic about future growth.”

Following the report, that was released simultaneously with , traded at 1.1829, compared to 1.1835 prior to the publication, was at 1.3173 from 1.3175 ahead of the release of the data, while traded at 112.39 versus 112.42 earlier.

The , which tracks the greenback against a basket of six major rivals, was at 93.07 compared to 93.01 ahead of the release.

Meanwhile, U.S. stock futures pointed to a lower open. The fell 106 points, or 0.46%, the lost 12 points, or 0.48%, while the traded down 40 points, or 0.66%.

Elsewhere, in the commodities market, exchanged hands at $1,288.98, compared to $1,291.18 prior to the release, while traded at $51.26 a barrel from $51.20 earlier.

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