Philadelphia Fed Factory Index Shrinks

Manufacturing levels in the Philadelphia region contracted in January, the Federal Reserve Bank of Philadelphia said Thursday. It was the 13th month of contraction in the last 14 months.

The area’s economic index was negative 24.3, compared to negative 36.1 in December.

Figures greater than zero indicate expansion, while those less than zero show contraction. The regional index averaged negative 21.3 last year.

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