Philadelphia Fed manufacturing index jumps to 17 in January, beating expectations
(Kitco News) 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.
The monthly advance of 15 points marked the highest reading in eight months, the Philadelphia Fed said.
“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.
The index for new orders increased by 7 points to 18.2. The shipments index rose by 8 points to 23.4. The employment index increased by 3 points to 19.3, while the index for the average workweek edged down by 3 points to 5.2.
On the inflation front, the index for prices paid slid to 22.1 from 15.9. The index for prices received advanced to 14.7 from 11.0.
February Comex gold futures were last down from their daily highs and trading at $1,554.20, up 0.01% on the day.p align="center">