Philly Fed manufacturing index declines as outlook drops to three-year low
Economists polled by MarketWatch expected a reading of 11. Any reading above zero indicates improving conditions. What happened: While the new-orders index jumped, climbing 14 points to a reading of 15.7, the current shipments index fell 2 points, and delivery times fell to its first negative reading in 30 months. The current inventory index fell by 15 points to 2.6.
The combination of a strong dollar, weak overseas growth, trade tensions and diminishing fiscal impetus have held manufacturing back. Market reaction: The Dow Jones Industrial Average DJIA, -0.01% , up 13% in 2019, looked set to rise as futures edged higher. Other economic data, notably retail sales, was strong.Steve Goldstein Steve Goldstein is MarketWatch's Washington bureau chief. Follow him on Twitter @MKTWgoldstein.
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