US: Philly Fed Nonmanufacturing Index slumps to 5.3 in November from 25.3 in October

• Philly Fed Nonmanufacturing Index dropped to fresh multi-month lows in November.
• US Dollar Index stays in the negative territory below 93.50.

The headline Diffusion Index of the Federal Reserve Bank of Philadelphia's Nonmanufacturing Business Outlook Survey fell sharply to 5.3 in November, the lowest reading since June, from 25.3 in October, the monthly data showed on Tuesday.

Key takeaways

"The new orders index fell 9 points to -3.7 in November, decreasing for the fourth consecutive month and reaching negative territory for the first time since June."

"Nearly 30% of the firms reported increases in new orders, while 34% reported decreases."

"The full-time employment index edged down 2 points to 13.9."

"The diffusion index for future activity at the firm level declined 12 points, from a reading of 47.3 in October to 35.1."

Market reaction

The US Dollar Index showed no immediate reaction to this report and was last seen losing 0.15% on the day at 92.36.