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Financial News: Philly Fed Index Indicates Slower Growth In January

Philly Fed Index Indicates Slower Growth In January

01/18/2018 - 09:59:00 (RTTNews)

(RTTNews) - Growth in activity in the Philadelphia-area manufacturing sector slowed by more than anticipated in the month of January, the Federal Reserve Bank of Philadelphia revealed in a report on Thursday.

The Philly Fed said its index for current manufacturing activity in the region slid to 22.2 in January from a revised 27.9 in December, although a positive reading still indicates growth.

Economists had expected the Philly Fed index to dip to 25.0 from the 26.2 originally reported for the previous month.

The bigger than expected decrease by the headline index was partly due to a notable slowdown in new orders growth, as the new orders index tumbled to 10.1 in January from 28.2 in December.

The number of employees index also fell to 16.8 in January from 19.7 in December, indicating a slowdown in the pace of job growth.

On the other hand, the report said the shipments index climbed to 30.3 in January from 23.9 in the previous month.

The prices paid index also rose to 32.9 in January from 27.8 in December, while the prices received index jumped to 25.1 from 12.6.

Looking ahead, the Philly Fed said the future indexes reflecting expected growth over the next six months remained at high levels but fell from their readings in December.

The report said the diffusion index for future general activity slumped to 42.2 in January from a revised 52.7 in December.

On Tuesday, the Federal Reserve Bank of New York released a separate report showing growth in activity in the New York manufacturing sector slowed in the month of January.

The New York Fed said its general business conditions index dropped to 17.7 in January from an upwardly revised 19.6 in December.

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