Philly Fed Index Unexpectedly Slides Further Into Negative Territory In December

(RTTNews) - Philadelphia-area manufacturing activity declined overall in the month of December, according to a report released by the Federal Reserve Bank of Philadelphia on Thursday.

The Philly Fed said its diffusion index for current general activity slumped to a negative 16.4 in December from a negative 5.5 in November, with a negative reading indicating contraction. Economists had expected the index to climb to a positive 3.0.

Looking ahead, the Philly Fed said the survey's broad indicators for future activity continue to suggest widespread expectations for growth over the next six months, although the diffusion index for future general activity plunged to 30.7 in December from 56.6 in November.