by ForexNewsNow Team on July 15th, 2010

Philly Fed manufacturing index slides unexpectedly

NEW YORK (Forex News Now) – Manufacturing activity in the Philadelphia region unexpectedly cooled in July, official data showed on Thursday, in one of the day’s spotlight FX news events.

The Federal Reserve Bank of Philadelphia said that its general economic index fell to 5.1 in July, the lowest level since August 2009, from 8 in June.

Analysts had expected a reading of 10.2 for the key gauge of U.S. manufacturing, two global forex news outlets reported.

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