US: Philly Fed Manufacturing Index improves to 17 in Jan vs 10 expected

"The index for current manufacturing activity in the region increased from a revised reading of 9.1 in December to 17.0 this month," the Federal Reserve Bank of Philadelphia reported in its latest Manufacturing Business Outlook Survey.

Key takeaways from the press release

• The new orders index increased 8 points to 21.3, its highest reading in six months.
• The current shipments index, however, decreased 1 point to 11.4.
• The current inventory index fell 10 points to -7.6, its first negative reading in 14 months.
• The firms continued to report overall higher employment, but the current employment index fell nearly 10 points to 9.6, its lowest reading in 16 months.