(CercleFinance.com) – The decline in manufacturing activity continued in the Philadelphia region in January, but at a less pronounced pace than in December, shows the monthly survey carried out by the regional branch of the Federal Reserve published this Thursday.
The Philly Fed index stood at -10.6 this month, after -12.8 (revised) the previous month, while economists expected it on average to be around -8.
This is its 18th month in negative territory over the past 20 months.
The survey – carried out between the 8th and 15th of the month – is considered one of the first barometers to assess the health of industrial activity in the United States.
In detail, the new orders sub-index improved, going from -22.1 to -17.9 from one month to the next, while remaining in the contraction zone.
The employment sub-component also improved, but by only a small point to stand at -1.8 in January.
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