Philadelphia Manufacturing Activity Slumps for Fifth Straight Month
• Philadelphia Fed factory gauge remained in negative territory for 5th straight month, coming in at -10.6 in January
• Readings on new orders and shipments picked up but still negative
• Price indexes dropped below long-run averages
• Measure on 6-month business outlook fell to -4, lowest since May
• Data not as weak as Empire State Index which plunged to -43.7, lowest since May 2020