Manufacturing activity continued to weaken in the Philadelphia area, the fifth straight month of contraction, a report from the Federal Reserve Bank of Philadelphia said.
Manufacturing activity continued to weaken in the Philadelphia area, the fifth straight month of contraction, a report from the Federal Reserve Bank of Philadelphia said on Thursday.
The Philly Fed’s report follows the Empire State survey released by the New York Fed this week. The index of general conditions for New York plunged, with substantial declines in new orders and shipments. The Washington, D.C.-based Federal Reserve Board said this week that industrial output fell sharply in November and December, with steep declines in both months for manufacturing. Production of business equipment, a key leading indicator of business activity, fell in both as well.
On the one hand, the contraction in manufacturing output, alongside the housing market slump, are likely to drag down economic growth. On the other, the labor market remains very tight. The employment index in the Philly Fed survey improved from minus 0.9 in December to positive 10.9 in January.
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