Mover Mike

Manufacturing in the Philadelphia region increased at a slower pace in January, the Federal Reserve Bank of Philadelphia reported Thursday. The Philly Fed diffusion index fell to 3.3 in January from 10.9 in December. This is the lowest reading since last June. The index is only slightly above zero, which indicates expansion. The decline was unexpected. Economists were expecting the index to rise to 12.0, according to a MarketWatch survey. Despite the decline, new orders and shipments were stronger in January. Inflation pressures eased. Employment rose in the month. (emphasis added)