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US Manufacturing Improves Modestly in Jan. After Dec. Slump

January 20, 2022 by Forex Winner Leave a Comment

US Manufacturing Improves Modestly in Jan. after Dec. Slump

Source: Federal Reserve Bank Philadelphia 

The diffusion index gauging the current general activity in the US rose by 8 points to 23.2 in January, recovering modestly from a decline of 24 points the previous month. SPY is up +0.76%, DXY is down -0.08%.

Current and Future General Activity Indexes
  • Up to 31% of firms had increases in current activity in January, while 7% reported declines. 60% of firms posted no change in activity. 
  • 39% of firms reported rises in shipments, while more than 19% posted declines, with the current shipments index up by 6 points to 20.8.
  • The new orders index rose 4 points to 17.9 in January, erasing some declines from the 34 points slump in December.
  • Most firms, 63%, posted rises in employment, although the index fell from 33.9 in December to 26.1 in January.
  • January prices remained elevated, with the prices paid index up 6 points to 72.5, while the prices received index edged lower by 4 points to 46.4. 
  • Firms project an uptick in prices of raw materials at 8.9%, while wages are seeing rising by 4.9% in 2022.
  • The index for future general activity increased from 19.0 to 28.7, with over 44% of firms expecting an improvement in activity. Expectations of future prices paid hit the highest since August 1988 of 76.4, up by 23 points, as prices received index was expected at 62.6, up by 8 points.

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