US: Philly Fed Manufacturing Index declines to 26.3 in November vs. 22 expected

• Manufacturing activity in Philadelphia region lost momentum in November.
• US Dollar Index advances above 92.60 after the data.

The headline Diffusion Index of the Federal Reserve Bank of Philadelphia's Manufacturing Business Outlook Survey edged lower to 26.3 in November from 32.3 in October. This reading came in better than the market expectation of 22. 

Market reaction

The US Dollar Index is pushing higher after the data and was last seen gaining 0.05% on the day at 92.63.

Key takeaways

"The index for new orders decreased 5 points to a reading of 37.9."

"Nearly 49% of the firms reported increases in new orders this month, compared with 55% last month."

"On balance, the firms reported increases in manufacturing employment for the fifth consecutive month."