HOUSTON, Jan. 18 (Xinhua) -- U.S. economic growth continued in January, the Federal Reserve Bank of Philadelphia reported on Thursday.
Responses to the January Manufacturing Business Outlook Survey suggest continued growth for the region's manufacturing sector. The indexes for general activity, new orders, and employment all fell from their December levels but continued to indicate overall growth.
The firms reported an increase in both input prices and prices for their own products this month. The firms remain optimistic about growth over the next six months, but all of the survey's broad future indicators decreased this month.
The firms reported higher prices for both inputs and their own manufactured goods this month. The future indexes reflecting expected growth over the next six months remained at high levels, although the indexes fell from their readings in December.
The index for current manufacturing activity in the region decreased from a revised reading of 27.9 in December to 22.2 this month. Although now at its lowest reading in five months, the index has stayed within a relatively narrow range over the past eight months.
The other broad indicators continue to suggest overall growth. The shipments index remained at a high reading and increased six points. The index for current new orders, however, decreased 18 points.
The firms' forecasts for employment increases remained nearly steady. Over 40 percent of the firms expect increases in employment over the next six months, and the future employment diffusion index decreased just one point.
The Manufacturing Business Outlook Survey is a monthly survey of manufacturers in the Third Federal Reserve District. Participants indicate the direction of change in overall business activity and in the various measures of activity at their plants.
The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank and savings and loan holding companies, and provides financial services to depository institutions and the federal government.
It is one of the 12 regional Reserve Banks that, together with the Board of Governors in Washington D.C., make up the Federal Reserve System.
