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Manufacturing & The Economy

Philly Fed Manufacturing Index at 5-Month Low

The Philadelphia Fed’s monthly index for current manufacturing activity in the region decreased from a revised reading of 27.9 in December to 22.2 in January. Although now at its lowest reading in five months, the index has stayed within a relatively narrow range over the past eight months. The other broad indicators continue to suggest overall growth. The shipments index remained at a high reading and increased 6 points. The index for current new orders, however, decreased 18 points. Nearly 36% of the firms reported an increase in new orders this month, but 26% reported declines. Both the delivery times and unfilled orders indexes decreased this month: The unfilled orders index was negative for the first time in 16 months, and the index of delivery times fell to its lowest reading in 10 months. 

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