Friday, November 17, 2006

Forex news: Philadelphia Fed Index rose substantially in November

Forex news
The index of business activity of the Federal Reserve Bank in Philadelphia, which reflects the survey among manufacturers concerning their attitudes to current economic situation, rose to 5.1 points in November. The analysts expected Philadelphia Fed Index to rise to 5.0 points this month.

In October, the index was -0.7, while the reading below zero shows slowing economic development. Despite the general growth of Philadelphia Fed Index in November, the component, which reflects business outlook for the period of six months, dropped considerably, from 16.7 to 2.4.

In addition, Philadelphia Fed index still preserves low levels, compared with its maximum reading 18.5 points in August 2006.

It is important to note that Philadelphia Fed Index is published before NAPM and partly reflects the level of business activity at the national level.


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