US: Philadelphia Fed Manufacturing Index drops to 23.8 in October vs. 25 expected

• Philly Fed Manufacturing Index edged lower in October.
• US Dollar Index stays in the positive territory above 93.60.

The Federal Reserve Bank of Philadelphia reported on Thursday that the headline Manufacturing Activity Index of the Manufacturing Business Outlook Survey declined to 23.8 in October from 30.7 in September. This reading came in weaker than the market expectation of 25.

Further details of the publication revealed that the New Orders Index improved to 30.8 from 15.9, the Employment Index edged higher to 30.7 from 26.3 and the Prices Paid Index rose to 70.3 from 67.3.

Market reaction

The US Dollar Index showed little to no reaction to this report and was last seen posting small daily gains at 93.64.