Financial News: Philly Fed Index Skyrockets To Highest Level Since

Philly Fed Index Skyrockets To Highest Level Since April 2021

01/16/2025 - 10:09:00 (RTTNews)

(RTTNews) - The Federal Reserve Bank of Philadelphia released a report on Thursday showing a substantial turnaround by regional manufacturing activity in the month of January.

The Philly Fed said its diffusion index for current general activity skyrocketed to a positive 44.3 in January from a negative 10.9 in December, with a positive reading indicating growth. Economists had expected the index to jump to a negative 5.0.

With the significantly bigger than expected increase, the Philly Fed index surged its highest level since hitting 44.4 in April 2021.

The spike by the headline index partly reflected a substantial turnaround by new orders, as the new orders index soared to a positive 42.9 in January from a negative 3.6 in December, reaching its highest level since November 2021.

The shipments index also skyrocketed to 41.0 in January from 1.7 in December, reaching its highest reading since October 2020. The employment index also climbed to 11.9 in January from 4.8 in December.

The report also said the prices paid index rose to 31.9 in January from 26.6 in December, while the prices received index jumped to 29.7 in January from 5.6 in December.

Looking ahead, the Philly Fed said the diffusion index for future general activity jumped to 46.3 in January from 33.8 in December, suggesting more widespread expectations for overall growth over the next six months.

The Federal Reserve Bank of New York released a separate on Wednesday showing regional manufacturing activity unexpectedly declined in the month of January.

The New York Fed said its general business conditions index slumped to a negative 12.6 in January from a positive 2.1 in December, with a negative reading indicating contraction. Economists had expected the index to inch up to a positive 3.0.

Meanwhile, the New York Fed said firms grew more optimistic conditions would improve in the months ahead, with the index for future business activity jumping to 36.7 in January from 26.9 in December.

For comments and feedback: contact editorial@rttnews.com

Market News provided by RTTNews

RECENT INTERNATIONAL FINANCIAL NEWS

ECB Minutes Show Policymakers Saw Room For More Easing (01 hr(s), 45 min(s), 53 sec(s) ago)
(RTTNews) - European Central Bank policymakers were looking forward to more interest rate cuts, bu ...Full Story»

Treasury Reveals Details Of Twenty-Year Bond Auction (02 hr(s), 47 min(s), 53 sec(s) ago)
(RTTNews) - The Treasury Department on Thursday revealed the details of the first auction of twent ...Full Story»

U.S. Business Inventories Inch Up 0.1% In November, In Line With Estimates (03 hr(s), 39 min(s), 53 sec(s) ago)
(RTTNews) - A report released by the Commerce Department on Thursday showed a slight increase by b ...Full Story»

U.S. Housing Market Index Unexpectedly Inches Up To Nine-Month High In January (03 hr(s), 48 min(s), 53 sec(s) ago)
(RTTNews) - Reflecting hopes for an improved economic growth and regulatory environment, the Natio ...Full Story»

Philly Fed Index Skyrockets To Highest Level Since April 2021 (04 hr(s), 03 min(s), 53 sec(s) ago)
(RTTNews) - The Federal Reserve Bank of Philadelphia released a report on Thursday showing a subst ...Full Story»

U.S. Import Prices Inch Up 0.1% For Third Straight Month In December (04 hr(s), 07 min(s), 53 sec(s) ago)
(RTTNews) - Following yesterday's more closely watched report on consumer price inflation, the ...Full Story»

U.S. Retail Sales Rise 0.4% In December, Less Than Expected (04 hr(s), 14 min(s), 53 sec(s) ago)
(RTTNews) - The Commerce Department released a report on Thursday showing retail sales in the U.S. ...Full Story»

U.S. Weekly Jobless Claims Rebound From Nearly Eleven-Month Low (04 hr(s), 19 min(s), 53 sec(s) ago)
(RTTNews) - A report released by the Labor Department on Thursday showed first-time claims for U.S ...Full Story»