Philadelphia Fed Manufacturing Index For October -9.0 Vs -6.4 Est.; -13.5 Prior
Portfolio Pulse from Benzinga Newsdesk
The Philadelphia Fed Manufacturing Index for October came in at -9.0, worse than the estimated -6.4 and the prior figure of -13.5.
October 19, 2023 | 12:30 pm
News sentiment analysis
Sort by:
Ascending
NEGATIVE IMPACT
The worse-than-expected Philadelphia Fed Manufacturing Index could negatively impact the SPY ETF, which tracks the S&P 500 index.
The Philadelphia Fed Manufacturing Index is a key economic indicator. A worse-than-expected figure suggests a slowdown in the manufacturing sector, which could negatively impact the overall economy and, consequently, the stock market. As SPY tracks the S&P 500, it could be negatively impacted.
CONFIDENCE 80
IMPORTANCE 70
RELEVANCE 50