US: Philadelphia Fed Manufacturing Index drops to 21.9 in July vs. 28 expected

• Philly Fed Manufacturing Index fell more than expected in July.
• US Dollar Index holds above 92.50 after the data.

The Federal Reserve Bank of Philadelphia reported on Thursday that the headline Manufacturing Activity Index of the Manufacturing Business Outlook Survey dropped to 21.9 in July from 30.7 in June. This reading came in weaker than the market expectation of 28.

Further details of the publication showed that the New Orders Index declined to 17 from 22.2, the Employment Index edged lower to 29.2 from 30.7 and the Prices Paid Index retreated to 69.7 from 80.7.

Market reaction

Market participants largely ignored this report and the US Dollar Index was last seen rising 0.21% on the day at 92.55.