Philly Fed index unexpectedly jumps in January
Manufacturing conditions in the Philadelphia region unexpectedly improved in January.
The diffusion index for current activity rose to 23.6 from a downwardly-revised 19.7 in December, comfortably beating expectations for a drop to 15.8.
The new orders index rose to 26.0 from 14.9 but the current shipments index slipped to 20.5 from 21.7.
Meanwhile, the inventories index surged to 12.2 from 1.3 in December.
The diffusion index for future general activity jumped to 56.6 this month from a revised reading of 48.7 in December and is now at its highest since August 2014, with nearly 67% of firms expecting an increase in activity over the next six months.