Urgent.. The manufacturing index for the state of Philadelphia contradicts expectations and contracts in November.

The Federal Reserve Bank of Philadelphia released the state’s manufacturing index data for November on Thursday, which was very negative and lower than market expectations. According to the data, the Philadelphia manufacturing index recorded a contraction of 5.5 points in September, which was contrary to market expectations that anticipated a growth of 7.4 points. The index had recorded a growth of 10.3 points in October. This index is based on a survey of manufacturers in the Philadelphia area to assess the general business conditions of companies, as businesses are quickly affected by the economic situation and market conditions within the United States. Thus, it measures any changes in the business conditions and is considered one of the indicators of the economic activity outlook in the upcoming period within the United States, and this reflects on the trading of the US dollar, especially as it coincides with the unemployment claims data. It is worth noting that if the index reading is above zero, it reflects an improvement in the conditions of the manufacturing sector in Philadelphia, while a reading below zero indicates poor conditions. It is also important to mention that the data for this survey is collected from about 250 manufacturers in Philadelphia.