US: Richmond Fed Manufacturing Index drops to 15 in November vs. 29 expected

• Richmond Fed Manufacturing Index fell sharply in November.
• US Dollar Index posts small daily losses near 92.40.

The activity in the Federal Reserve's Fifth District's manufacturing sector expanded at a softer pace in November than it did in October with the Composite Index of the Richmond Fed's Survey of Manufacturing Activity dropping to 15 from 29. This reading missed the market expectation of 29 by a wide margin.

"Survey results suggested that employment and wages grew for many contacts in November but businesses struggled to find workers with the necessary skills," the publication further read. "Survey participants were optimistic about the future, expecting growth to continue in the coming months."

Market reaction

The US Dollar Index ignored this report and was last seen losing 0.11% on the day at 92.41.