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21 Jan 2021 | 13:53

Philly Fed index beats expectations in January

(Sharecast News) - Manufacturing conditions in the Philadelphia region improved significantly in January, according to a survey released on Thursday. The Philadelphia Fed current manufacturing index rose to 26.5 from a revised 9.1 in December, beating expectations for a reading of 12.0 and reaching its best level in nearly a year.

The new orders index increased 28 points to 30.0, hitting its highest level in three months, while the shipments index was up 11 points to 22.7 in January.

The prices paid index rose 21 points to 45.4 while the inventories gauge came in at 12.6 from 8.3 in December.

Oxford Economics said: "Looking ahead, manufacturing will stay on an upbeat track though we expect growth to soften as vaccines and the economy's reopening unleash pent-up demand for deeply-damaged services.

"The Biden administration's American Rescue Plan will carry the economy through the soft patch that's developed at the start of the year and bolster the recovery over the course of 2021."
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