“The index for current manufacturing activity in the region increased from a revised reading of 9.1 in December to 17.0 this month,” the Federal Reserve Bank of Philadelphia reported in its latest Manufacturing Business Outlook Survey.
Key takeaways from the press release
- The new orders index increased 8 points to 21.3, its highest reading in six months.
- The current shipments index, however, decreased 1 point to 11.4.
- The current inventory index fell 10 points to -7.6, its first negative reading in 14 months.
- The firms continued to report overall higher employment, but the current employment index fell nearly 10 points to 9.6, its lowest reading in 16 months.
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