US Philly Fed Mfg Weaker Than Expected In Nov

Philadelphia Fed Manufacturing Business Outlook Survey index for current activity comes in at 26.3 in Nov, vs 22.5 expected, 32.3 prior. Moderation was seen in most subcategories, with employment notably improving - and the outlook for future prospects was seen waning.

• New orders down 5 points to 37.9, current shipments down 22 points to 24.9, current employment up 15 points to 27.2, and average workweek roughly unchanged at 25.7. Prices paid up 10 points to 38.9, prices received up 11 points to 25.4.
• As for the outlook, the future general activity index fell 18 points to 44.3, future new orders down 4 points to 48.1, future shipments down 9 points to 43.1, and future employment down 10 points to 36.2.
• Special questions: "In this month's special questions, the firms were asked to forecast the changes in the prices of their own products and for U.S. consumers over the next four quarters. Regarding their own prices, the firms' median forecast was for an increase of 2.0 percent, the same as reported when the question was asked in August. The firms' actual price change over the past year was 1.0 percent."
• Responses were collected Nov 9-16, so after the election.
• Tsys held onto gains after the report, which also coincided with the release of data showing a bigger-than-expected increase in weekly initial jobless claims.