Philly Fed index surprises to the downside in December

Activity in the US mid-Atlantic region weakened at the end of 2024, the results of a closely followed survey showed.

The Federal Reserve Bank of Philadelphia's manufacturing sector index slipped from a reading of -5.5 in November to -16.4 for December.

Economists had forecast a reading of 3.0.

A key sub-index linked to companies' new orders swung from 8.9 to -4.3.

Another sub-index, this time tracking the prices paid by companies, rose from 26.6 to 31.2, while that for the prices paid to firms slipped from 14.3 to 7.3.

The sub-index tied to the length of the average employee workweek meanwhile fell from 17.4 to -8.2.

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