The Federal Reserve Bank of Philadelphia released a report on Thursday showing a modest slowdown in the pace of contraction in regional manufacturing activity in the month of November.
The Philly Fed said its diffusion index for current general activity rose to a negative 5.9 in November from a negative 9.0 in October, although a negative reading still indicates contraction. Economists had expected the index to come in unchanged.
The future indicators suggest firms' expectations for growth over the next six months remain subdued, with the diffusion index for future general activity falling a negative 2.1 in November from a positive 9.2 in October.
