US Philadelphia Fed manufacturing index still in contraction in November

By Ovunc Kutlu

ISTANBUL (AA) – The Philadelphia Federal Reserve in the US announced Thursday its manufacturing index remained in contraction territory in November.

The index for current general activity increased three points but remained at ‑5.9, recording its 16th negative reading in the past 18 months.

While the markets expected the index to come in at -9.0, it increased five points but remained at ‑9.0 in October.

A level above zero indicates improving conditions, while anything below that shows worsening conditions.

"The indicator for shipments turned negative, while the indicator for new orders was positive but low," the Philadelphia Fed said in a statement. "The future indicators suggest that firms' expectations for growth over the next six months remain subdued."

It added: "The employment index suggests steady employment overall, and both price indexes indicate overall increases in prices."