US: Philadelphia Fed Manufacturing Index jumps from 15 to 32.3 in October

• Manufacturing sector of Philadelphia region continued to gather strength in October.
• US Dollar Index consolidates daily gains around 93.70.

The headline Diffusion Index of the Federal Reserve Bank of Philadelphia's Manufacturing Business Outlook Survey rose to 32.3 in October from 15. This reading beat analysts' estimate of 14 by a wide margin.

Key takeaways

"The indicators for current activity, new orders, and shipments all increased this month."

"Special questions about firms’ current capacity utilization reflect the sizable impact of COVID-19, inasmuch as firms, on balance, report operating at notably lower levels of capacity than one year ago."

"The survey’s future indexes suggest continued widespread optimism about manufacturing activity over the next six months."

Market reaction

This report doesn't seem to be having an impact on the greenback's performance against its rivals. As of writing, the US Dollar Index was up 0.37% on the day at 93.75.