Philly Fed factory activity slumps in November
NEW YORK Nov 15 (Reuters) - Factory activity in the U.S. mid-Atlantic region unexpectedly contracted in November, a survey showed on Thursday.
The Philadelphia Federal Reserve Bank said its business activity index slumped to -10.7 from 5.7 the month before. The fall was much steeper than economists' expectations for slippage to a reading of 2.0, according to a Reuters poll.
Any reading above zero indicates expansion in the region's manufacturing. The survey covers factories in eastern Pennsylvania, southern New Jersey and Delaware.
It is seen as one of the first monthly indicators of the health of U.S. manufacturing leading up to the national report by the Institute for Supply Management. (Reporting by Edward Krudy; Editing by James Dalgleish)