USA: Philly Fed index rises sharply

(CercleFinance.com) - Activity in the manufacturing sector is recovering vigorously in the Philadelphia region, according to the index calculated by the local Fed, which rises from a revised reading of -10.
9 in December to +44.3 in January, its highest level since April 2021.

This is the strongest monthly increase in the index since June 2020. Nearly 51% of companies surveyed reported increases in activity (up from 19% last month), well ahead of the 7% who reported a decrease (down from 30%).

Among the components of the overall index, the new orders (+47 points to 42.9) and current shipments (+39 points to 41) indexes are up strongly again, reaching their highest levels since November 2021 and October 2020 respectively.

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