After reporting a slight improvement in regional manufacturing conditions in the previous month, the Federal Reserve Bank of Philadelphia released a report on Thursday showing that regional manufacturing activity unexpectedly contracted in December.
The Philly Fed said its diffusion index for current activity fell to a negative 5.9 in December from a positive 1.9 in November, with a negative reading indicating a contraction in regional manufacturing activity. Economists had expected the index to edge down to a positive 1.2.
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May 22, 2026 14:46 ET Minutes of the latest Fed policy session was the highlight of the week along with survey data on the U.S. housing market. In Europe, survey data signaled the trends in the euro area private sector. Further, consumer price inflation data from the U.K. was in focus. In Asia, various economic indicators from China drew attention to the health of the economy.