Philly Fed Index Unexpectedly Turns Negative In November

(RTTNews) - A report released by the Federal Reserve Bank of Philadelphia on Thursday said regional manufacturing activity softened overall in the month of November.

The Philly Fed said its diffusion index for current general activity tumbled to a negative 5.5 in November from a positive 10.3 in October, with a negative reading indicating contraction. Economists had expected the index to edge down to a positive 8.0.

However, the Philly Fed said firms continue to expect growth over the next six months, with growth expectations more widespread this month.