Philly Fed Index Rebounds More Than Expected In November

(RTTNews) - After reporting a steep drop by its reading on regional manufacturing activity in the previous month, the Federal Reserve Bank of Philadelphia released on report on Thursday showing the index rebounded in November but remained in negative territory.

The Philly Fed said its diffusion index for current general activity jumped to a negative 1.7 in November after plummeting to a negative 12.8 in October, although a negative reading still indicates contraction. Economists had expected the index to climb to a negative 3.1.

Looking ahead, the Philly Fed said its diffusion index for future general activity surged to 49.6 in November from 36.2 in October, reaching its highest level in a year, as expectations for growth over the next six months were more widespread.