US: Philadelphia Fed Manufacturing Index slumps to 11.1 in December vs. 20 expected

• Philly Fed Manufacturing Index fell at a stronger pace than expected in December.
• US Dollar Index remains depressed below 90.00 after the data.

The headline Diffusion Index of the Federal Reserve Bank of Philadelphia's Manufacturing Business Outlook Survey fell sharply to 11.1 in December from 26.3 in November. This reading missed the market expectation of 20 by a wide margin.

Key takeaways

"The index for new orders decreased nearly 36 points to a reading of 2.3."

"The current shipments index fell 11 points to 14.4 in December."

"The current employment index has remained positive for six consecutive months but decreased 19 points to 8.5 in December."

"The survey’s future indicators for activity and new orders were slightly weaker this month, but future indicators for shipments and employment improved."

Market reaction 

The US Dollar Index failed to stage a meaningful rebound after this data and was last seen losing 0.66% on the day at 89.85.