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Getty Images/iStockphoto Lower Trenton Bridge is a major landmark in the city of Trenton, NJ., which is part of the Philadelphia Fed’s district.
The numbers: The Philadelphia Federal Resrve said Thursday its gauge of business activity in its region slumped in December to the lowest level in six months.
The regional Fed bank’s index fell to 0.3 in December from 10.4 in the prior month.
Any reading above zero indicates improving conditions. Economists polled by Econoday expected an 8 reading.
What happened: The headline index is based on a single stand alone question about business conditions. This month the components were not as weak as the headline, with the new orders and shipments indexes rising.
Big picture: A similar survey conducted by the New York Fed saw sentiment remained subdued in December. Manufacturing remains weak, hit by a lack of investment and a slowdown in global trade, but some economists have been arguing that the sector turning the corner
Market reaction: Stocks were set to open lower Thursday after the Philly Fed and jobless claims data were released. The Dow Jones Industrial Average DJIA, -0.10% lost 27.88 points on Wednesday, snapping a five-day winning streak.
