FX.co ★ Philly Fed Index Indicates Slightly Slower Contraction In January

A report released by the Federal Reserve Bank of Philadelphia on Thursday showed regional manufacturing activity contracted at a slightly slower rate in the month of January.

The Philly Fed said its diffusion index for current general activity rose to a negative 10.6 in January from a revised reading of negative 12.8 in December. A negative reading indicates a contraction in regional manufacturing activity.

Economists had expected the index to rise to a negative 7.0 from the negative 10.5 originally reported for the previous month.