Philadelphia Manufacturing Index Slows in January

anufacturing growth in the Philadelphia area slowed in January to the lowest level in seven months, the Federal Reserve Bank of Philadelphia said Thursday.

The Philadelphia economic index dropped to 3.3 from 10.9 in December, the Fed said.

Index readings greater than zero mean that a higher percentage of manufacturers surveyed reported an improvement in business conditions; below zero means they reported deterioration.

The factory sector is one of trucking's largest and most important customers.

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