The Philadelphia Federal Reserve’s Business Outlook Survey for November plummeted to a reading of 6.5.
Analysts expected the reading to decline to just 15.0, from 19.8.
The current employment index fell 14 points from its reading in October (which was at a two‐year high), to 1.1. Demand for manufactured goods, measured in new orders index, decreased 16 points, to 11.8. The future general activity index fell 15 points, to 45.8.
Still, it was the six-consecutive month the index has been in positive territory.