Philly Fed Index Indicates Modest Contraction In January
21 Enero 2016 - 3:31AM
RTTF2
Manufacturing conditions in the Philadelphia region contracted
modestly in January, according to a report released by the Federal
Reserve Bank of Philadelphia on Thursday.
The Philly Fed said its diffusion index for current activity
increased to a negative 3.5 in January from a negative 10.2 in
December, although a negative reading indicates a contraction in
regional manufacturing activity.
Despite the increase, the index remained negative for the fifth
consecutive month. Economists had expected the index to rise to a
negative 4.0.
The increase by the headline index was partly due to a
turnaround in shipments, as the shipments index climbed to a
positive 9.6 in January from a negative 2.1 in December.
The new orders index also rose to a negative 1.4 in January from
a negative 11.1 in December, while the unfilled orders index
increased to a negative 8.8 from a negative 17.6.
The Philly Fed also said the prices paid index increased to a
negative 1.1 in January from a negative 8.3 in December, while the
prices received index climbed to a negative 2.8 from a negative
8.5.
Meanwhile, the report showed a downturn in employment, with the
number of employees index dropping to a negative 1.9 in January
from a positive 2.2 in December.
The Philly Fed also said the indicators for future conditions
remained positive overall but suggested a continuing deterioration
in confidence about manufacturing growth for the first half of
2016.
The diffusion index for future general activity fell to 19.1 in
January from 24.1 in December, hitting its lowest level since
November of 2012.
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