{"id":130482,"date":"2022-11-18T11:37:13","date_gmt":"2022-11-18T11:37:13","guid":{"rendered":"https:\/\/myfintale.com\/?p=130482"},"modified":"2022-11-18T11:37:13","modified_gmt":"2022-11-18T11:37:13","slug":"philly-fed-index-slumps-to-lowest-level-since-may-2020","status":"publish","type":"post","link":"https:\/\/myfintale.com\/economy\/philly-fed-index-slumps-to-lowest-level-since-may-2020\/","title":{"rendered":"Philly Fed Index Slumps To Lowest Level Since May 2020"},"content":{"rendered":"

A report released by the Federal Reserve Bank of Philadelphia on Thursday showed regional manufacturing activity unexpectedly contracted at a faster rate in the month of November.<\/p>\n

The Philly Fed said its diffusion index for current activity tumbled to a negative 19.4 in November from a negative 8.7 in October, with a negative reading indicating a contraction in regional manufacturing activity.<\/p>\n

The decrease by the Philly Fed index came as a surprise to economists, who had expected the index to inch up to a negative 6.2.<\/p>\n

With the unexpected slump, the index dropped to its lowest level since hitting a negative 43.1 in May 2020.<\/p>\n

“Manufacturing conditions in the U.S. are deteriorating because of the weakening in the global economy<\/span> and appreciation in the U.S. dollar,” said Gurleen Chadha, U.S. Economist at Oxford Economics.<\/p>\n

The unexpected decline by the headline index partly reflected a continued contraction in new orders, as the new orders index edged down to a negative 16.2 in November from a negative 15.9 in October.<\/p>\n

The report also showed a notable slowdown in the pace of job growth, with the number of employees index plunging to 7.1 in November from 28.5 in October.<\/p>\n

The shipments index also slipped to 7.0 in November from 8.6 in October, indicating a modest slowdown in the pace of shipment growth.<\/p>\n

The prices paid index also edged down to 35.3 in November from 36.3 in October, while the prices received index jumped to 34.6 from 30.8.<\/p>\n

Looking ahead, the Philly Fed said the survey’s future indexes rose slightly but continued to suggest firms expect overall declines in activity and new orders six months from now.<\/p>\n

While the diffusion index for future general activity climbed to a negative 7.1 in November from a negative 14.9 in October, the reading remained negative for the sixth consecutive month.<\/p>\n

“Slower manufacturing growth shouldn’t come as a surprise as a dwindling pipeline, downbeat sentiment, rising interest rates, and lingering supply chain challenges will weigh on regional, and national, factory activity,” said Chadha.<\/p>\n

Meanwhile, the New York Fed released a separate report on Tuesday showing a notable rebound in regional manufacturing activity in the month of November.<\/p>\n

The New York Fed said its general business<\/span> conditions index surged to a positive 4.5 in November from a negative 9.1 in October. Economists had expected the index to jump to a positive 5.0. <\/p>\n

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A report released by the Federal Reserve Bank of Philadelphia on Thursday showed regional manufacturing activity unexpectedly contracted at a faster rate in the month […]<\/a><\/p>\n<\/div>","protected":false},"author":3,"featured_media":130481,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3],"tags":[],"yoast_head":"\nPhilly Fed Index Slumps To Lowest Level Since May 2020 - my finance tale<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/myfintale.com\/economy\/philly-fed-index-slumps-to-lowest-level-since-may-2020\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Philly Fed Index Slumps To Lowest Level Since May 2020 - my finance tale\" \/>\n<meta property=\"og:description\" content=\"A report released by the Federal Reserve Bank of Philadelphia on Thursday showed regional manufacturing activity unexpectedly contracted at a faster rate in the month [...]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/myfintale.com\/economy\/philly-fed-index-slumps-to-lowest-level-since-may-2020\/\" \/>\n<meta property=\"og:site_name\" content=\"my finance tale\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-18T11:37:13+00:00\" \/>\n<meta name=\"author\" content=\"Vogel\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/myfintale.com\/wp-content\/uploads\/2022\/11\/Philly-Fed-Index-Slumps-To-Lowest-Level-Since-May-2020-.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Vogel\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/myfintale.com\/economy\/philly-fed-index-slumps-to-lowest-level-since-may-2020\/\",\"url\":\"https:\/\/myfintale.com\/economy\/philly-fed-index-slumps-to-lowest-level-since-may-2020\/\",\"name\":\"Philly Fed Index Slumps To Lowest Level Since May 2020 - 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