Philadelphia Factory Index Falls in January

Manufacturing levels in the Philadelphia expanded in January for the fifth consecutive month, but at a lower pace than December, the Federal Reserve Bank of Philadelphia said Thursday.

The area’s factory index dropped to a 15.2 reading, from 22.5 in December, the regional Fed said.

Readings greater than zero signal growth.

The reading was lower than economists’ forecasts of a decline to 18, Bloomberg reported.

The Philadelphia Fed surveys about 100 manufacturers for the index in eastern Pennsylvania, Delaware, and southern New Jersey.