Philadelphia Fed manufacturing index jumps to 17 in January, beating expectations

Washington (Jan 16)  The index for current general activity in the Philadelphia Federal Reserve’s manufacturing business outlook survey rose to 17.0 in January from 2.4 in December, suggesting a recovery after a slump in the previous month, the regional bank said Thursday.

The consensus expectations compiled by news organizations were projecting a reading of somewhere around 3.8.

“All of the survey’s broad indicators remained positive and increased from their readings in December. The survey’s future indexes indicate that respondents continue to expect growth over the next six months,” the report said.

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