US Philadelphia Fed manufacturing index continues to contract in January

By Ovunc Kutlu

ISTANBUL (AA) – The Philadelphia Federal Reserve in the US announced Thursday its manufacturing index has continued to contract in January.

The index for current general activity increased 2.2 points but remained at ‑10.6, recording its 18th negative reading in the past 20 months.

A level above zero indicates improving conditions, while anything below that shows worsening conditions.

The market expectation for the index to come in at -7.0.

More than 26% of the firms reported decreases in current activity, according to Philadelphia Fed.

"The survey’s indicators for general activity, new orders, and shipments rose but remained negative," it said. "The price indexes indicate overall increases in prices, but both indexes are below their long-run averages."