A report released by the Federal Reserve Bank of Philadelphia on Thursday unexpectedly showed a notable decrease by its reading on regional manufacturing activity in the month of December.
The Philly Fed said its diffusion index for current general activity slumped to a negative 10.2 in December from a negative 1.7 in November, with a negative reading indicating contraction. Economists had expected the index to climb to a positive 3.0.
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June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.