Philly Fed index slips into negative territory

The Federal Reserve bank of Philadelphia's manufacturing index slipped into negative territory in September.

The index slid from a reading of 8.3 in August to -6 in September, way below the reading of plus 6 analysts had expected.

According to the Philadelphia Fed, the index could have been negatively impacted by the volatility that characterised worldwide equity markets over the last couple of weeks.

Earlier this month, the Empire State manufacturing index remained deep into negative territory, edging from -14.9 in August to -14.7.