Philly Fed Index Unexpectedly Slides Further Into Negative Territory In December
(RTTNews) - Philadelphia-area manufacturing activity declined overall in the month of December, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday.
The Philly Fed said its diffusion index for current general activity slumped to a negative 16.4 in December from a negative 5.5 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 the survey's broad indicators for future activity continue to suggest widespread expectations for growth over the next six months, although the diffusion index for future general activity plunged to 30.7 in December from 56.6 in November.
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U.S. Leading Economic Index Rises For First Time Since February 2022
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U.S. Existing Home Sales Spike To Eight-Month High In November
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Philly Fed Index Unexpectedly Slides To Lowest Level In Over A Year In December
Philadelphia-area manufacturing activity declined overall in the month of December, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday. The Philly Fed said its diffusion index for current general activity slumped to a negative 16.4 in December from a negative 5.5 in November, with a negative reading indicating contraction.
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U.S. Economy Unexpectedly Grows More Than Previously Estimated In Q3
The Commerce Department released a report on Thursday showing the pace of U.S. economic growth unexpectedly surged by more than previously estimated in the third quarter. The report said gross domestic product shot up by 3.1 percent in the third quarter, reflecting an upward revision from the 2.8 percent jump previously reported. Economists had expected the pace of growth to be unrevised.
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U.S. Jobless Claims Pull Back More Than Expected
A report released by the Labor Department on Thursday showed first-time claims for U.S. unemployment benefits pulled back by more than expected in the week ended December 14th. The Labor Department said initial jobless claims fell to 220,000, a decrease of 22,000 from the previous week's unrevised level of 242,000. Economists had expected jobless claims to dip to 230,000.
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The Commerce Department released a report on Thursday showing the pace of U.S. economic growth unexpectedly surged by more than previously estimated in the third quarter.
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U.S. Weekly Jobless Claims Fall More Than Expected
A report released by the Labor Department on Thursday showed first-time claims for U.S. unemployment benefits pulled back by more than expected in the week ended December 14th.
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Fed Lowers Interest Rates By Quarter Point, Forecasts Fewer Rate Cuts In 2025
In support of its dual goals of maximum employment and inflation at the rate of 2 percent over the longer run, the Federal Reserve on Wednesday announced its widely expected decision to lower interest rates by another quarter point. The Fed said it decided to lower the target range for the federal funds rate by 25 basis points to 4.25 to 4.50 percent, matching the rate cut seen in early November.
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