Philadelphia Fed Manufacturing Index plunged 15.8 points to -5.5 in November, dramatically missing analyst expectations of +8.2. This negative territory signals potential manufacturing contraction, marking a sharp reversal from October's +10.3.
Meanwhile, US jobless claims dropped by 6,000 to 213,000 (week ending Nov 16), defying forecasts of 220,000 and indicating continued labor market resilience.
Eurozone's economic metrics tell a concerning story:
- Inflation projected at 2.3% (up from 2.0% in October)
- Core inflation climbing to 2.8% (previous 2.7%)
- Consumer confidence sinking to -13.7 (1.2 point drop)
- EU-27 confidence also down to -12.4 (1.1 point decline)
Barclays analysts Bippus and Babic cite fuel price base effects as key inflation drivers, particularly impacting core goods prices.