Philly Fed Index Still Growing but at a Slower Pace

Today the recent release of the Philly Fed Manufacturing Index for November was published: this survey showed the U.S. manufacturing conditions are still expanding, but at a slower rate than in October; the November Philly Fed index declined from +8.7 in October to +3.6 in November. The new orders index also remained positive but was lower than in the previous month falling by 7 points. Prices of manufacturing goods remained steady. Currently, the American stock markets are traded slightly down. 

This survey also showed that the employment conditions improved during the time of the survey.  If this indicator reflects an estimate of the U.S economic growth rate, it may suggest that the U.S continues to grow but at a slower pace than in the October.

In the previous month, the news of the Philly Fed Manufacturing Index didn’t seem to affect the financial markets perhaps as the news from Europe and its debt crisis crowded out the influence of the Philly Fed Manufacturing Index. Currently the financial markets is changing direction and falling with the American stock markets including the S&P500 and Dow are slightly falling, and silver and gold  are traded sharply down.

Current gold price, short term futures (December 2011 delivery) is traded at $1,737.6 per t oz. a $36.7 decrease or 2.07%, as of 16:00*.

Current silver price, short term futures (December 2011 delivery) is traded at $32.63 per t oz. a $1.192 decrease or 3.52%, as of 16:00*.

Current Nymex crude oil price, short term futures (December 2011 delivery) is traded down by 2.18% to $100.35 per barrel as of 16:04*.

Euros to US Dollar exchange rate is currently traded up by 0.3322% to 1.3508 as of 16:11*.

*(GMT)

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1 comment for “Philly Fed Index Still Growing but at a Slower Pace

  1. November 19, 2011 at 4:15 pm

    Thanks Aly for the kind words!

    Let’s hope that next month the Philly Fed will present better numbers.
    Lior

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