The Philadelphia Fed manufacturing survey in November slowed to a reading of 3.6 from 8.7 in October. Economists polled by Briefing.com had expected a 7.5 reading.
The survey’s indicators for activity, shipments, and new orders recorded positive readings this month, but all declined slightly from their October readings, the Philly Fed said.
The index, designed so that readings above zero indicate improving sentiment compared to the previous month, has been volatile this year, reaching as high as 43.4 in March but dropping to -30.7 in August.
Today�s report did little to help morning market action. U.S. indexes grew weaker after the opening bell, shrugging off better than expected reports on jobless claims and the U.S. housing market amid worries about European debt.
At 10:15 a.m. EST, the Dow Jones Industrial Average fell six points to 11,900 and the S&P 500 index fell four points to 1,233. The Nasdaq Composite fell 11 points to 2,628.
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