Philly Fed factory index dips in January, as expected
Factory activity in the US mid-Atlantic region cooled in January, according to the results of one of the most widely-followed surveys for the sector.
The Federal Reserve bank of Philadelphia's manufacturing sector gauge slipped from a reading of 27.9 in December to 22.2 for January (consensus: 23.0).
Significantly, a key sub-index tracking new orders fell from 28.2 to 10.1, even as another gauge linked to companies' levels of stockpiles jumped from -1.1 to 9.4.
Price pressures continued to increase as well, with the 'prices paid' sub-index rising from 27.8 to 32.9.
Staffing levels held up, with the corresponding subindex dipping from 19.7 to 16.8.