PHILADELPHIA, Jan. 19 (UPI) -- The Philadelphia Federal Reserve Bank said manufacturing activity in mid-Atlantic states grew at a moderate pace in January.
The monthly business survey, taken midway through the month, found the diffusion index of manufacturing activity rose from 6.8 to 7.3.
While the Philadelphia Fed called the gains "moderate," the slow growth is a far cry from August, when the diffusion index stood at minus 30.7.
In January, the index for new orders remained positive, but showed slower growth than a month ago, as the index dropped from 10.7 in December to 6.9.
Numbers below zero indicate a contraction, while numbers above zero indicate growth.
Employment showed growth for the fifth consecutive month with 21 percent of employers in the survey indicating they were hiring and 10 percent indicating the size of their payrolls was declining.
Expectations for future activity showed optimism increasing. The index measuring expectations six months down the road rose from 40 in December to 49, the highest reading for the index since March.
