Friday, January 19, 2007

Forex News: 19.01.2007 Jan. Philly Fed index rose to 8.3

The manufacturing sector in the Philadelphia region grew modestly in January, the Federal Reserve Bank of Philadelphia reported Thursday.

The Philly Fed index of manufacturing sentiment rose to 8.3 from negative 2.3 in December. Economists expected an increase to about 2.5.

In January 25% of firms said business was improving, while 16% said conditions were worsening. The index is constructed by subtracting the number of negative responses from the positive ones. Readings over zero in the diffusion index indicate growth.

The new orders index rose to 1.3 in January from negative 0.9. The prices paid index fell to 11.9. The employment index inched up to 7.9 from 7.5. The expectations index jumped to 22.4 in January from 5.4 in December.


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