Philly Fed Manufacturing Index drops to 9.4 in December vs 15 expected

"Manufacturing activity in the region continued to grow but remained subdued, according to results from the December Manufacturing Business Outlook Survey," the Federal Reserve Bank of Philadelphia reported on Thursday.  "The diffusion index for current general activity decreased from 12.9 in November to 9.4 this month, its lowest reading since August 2016,"

Key takeaways from the press release

• The new orders index increased 5 points to 14.5 but remains notably lower than its average reading for the year.
• The current shipments index decreased 12 points to 10.0, its lowest reading in 27 months. 
• The current employment index remained positive and edged 2 points higher to 18.3. 
• The prices paid index edged down 1 point and remains 25 points below its peak in July.