Philadelphia Fed manufacturing index slips in December
The Philadelphia Federal Reserve manufacturing index fell into negative territory in December.
The gauge dropped to -5.9 from 1.9 last month, marking the third negative reading in the past four months and weaker than analysts’ expectations for a reading of 1.
The index for current new orders remained negative and fell six points to -9.5.
However, firms reported higher shipments, as the current shipments index rose six points to 3.7.
"The trend in the Philly Fed is now established just below zero, and, like other manufacturing surveys, it reflects the hit from the collapse in oil prices and the strong dollar," said Pantheon Macroeconomics.