By Ovunc Kutlu
ISTANBUL (AA) - The US manufacturing activity in January contracted for the fifth consecutive month, according to a survey released Thursday by the Federal Reserve Bank of Philadelphia.
The Philadelphia Fed manufacturing index, considered an accurate reflection of the manufacturing sentiment nationwide, improved from a revised reading of minus 13.7 in December to minus 8.9 in January, but posted its seventh negative reading over the past eight months.
The market expectation for the index was to come in at minus 11.0.
A reading below zero indicates worsening conditions, while above zero on the index shows improvement.
The survey’s indicators for general activity and new orders remained negative, and firms reported overall increases in prices, the Philadelphia Fed said in a statement, adding: "More than 33 percent of the firms reported declines in activity."
Future indicators remain low, as 33% of companies expect decreases in future activity, it noted.