(Kitco News) - The U.S. economy is slowing a lot faster than expected as regional central bank data shows sharp declines in the manufacturing sector.
Both the New York Federal Reserve and the Philadelphia Federal Reserve shows a further contraction in their manufacturing surveys.
The New York Fed’s Empire State manufacturing survey's general business conditions index fell to a negative reading at 11.2 in December, down from November’s reading at 4.5. The data significantly missed expectations as economists were looking for the index to fall to -1.1.
Meanwhile, the Philly Fed Survey rose to -13.8 in December, up from November’s 19.4 reading. However, the data missing expectations as consensus forecasts called for a negative reading around 10.
The gold market is not seeing much reaction to the disappointing economic data as it sees a modest bounce off its session lows. February gold futures last traded at $1,790.10 an ounce, down roughly 1.5% on the day.
