US Philly Fed index misses forecasts, details of report more solid

A key measure of factory activity in the US mid-Atlantic region undershot market expectations slightly in November, but the details of the report were more robust, especially those refrencing price pressures and companies´ ability to set the same.

The Federal Reserve bank of Philaldelphia´s manufacturing sector index dipped from a reading of 9.7 for October to 7.6 in November (consensus: 8.0).

However, the gauges most closely-tracked by market watchers, those referring to new orders and prices paid by companies were far more robust.

The sub-index for new orders improved from 16.3 to 18.6 while that linked to prices paid jumped from 7.0 in the month before to 27.5.

Another sub-index referencing the prices paid by manufacturing firms in the region to suppliers also moved up, from a print of -3.7 for October to 16.0.

Hiring conditions were also firmer, with a sub-index of firm staffing levels edging higher from -4.0 to -2.6, while a measure of the average employee workweek rose from -2.2 to 7.4.