Philadelphia Fed manufacturing index for January 44.3 versus -5.2 estimate

• Prior month -16.4
• Manufacturing index for the month of December 44.3 vs -5.2 estimate. The highest level since April 2021

Details:

• The diffusion index for current general activity rose from -10.9 in December to 44.3 in January, the highest since April 2021, marking the largest monthly increase since June 2020.
• 51% of firms reported increased activity (up from 19%), while 7% reported decreases (down from 30%); 41% reported no change (down from 45%).
• The new orders index jumped 47 points to 42.9, the highest since November 2021.
• The shipments index rose 39 points to 41.0, the highest since October 2020.
• The employment index increased 7 points to 11.9, with 13% of firms reporting increases, 1% reporting decreases, and 87% reporting no change.
• The average workweek index turned positive, rising to 20.3 from -3.7, its highest since March 2022.

This article was written by Greg Michalowski at www.forexlive.com.