Philadelphia Fed Manufacturing Index beats expectations in November

(Kitco News) The index for current general activity in the Philadelphia Federal Reserve's manufacturing business outlook survey rose to 39 in November, surging past expectations.

Market consensus calls were projecting an increase to 24.

The Philadelphia Fed said that general activity, shipments, new orders and price indicators were all up from October. Meanwhile, the employment index saw a decline but remained elevated.

"The future indexes continue to indicate that the firms expect growth over the next six months," the data release said.

The index for new orders rose 17 points to a reading of 47.4. The current employment index declined by four points to 27.2, and the index for the average work week was up three points at 30.6.

On the inflation front, the index for prices paid rose by ten points to 80, marking the highest reading since June's 42-year high.

At the time of writing, gold ticked up from daily lows, with December Comex gold futures last at $1,864 down 0.33% on the day.

By Anna Golubova

For Kitco News

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