A worker in the mid-Atlantic manufacturing sector works with raw aluminum materials. (PHOTO: REUTERS)
The Manufacturing Business Outlook Survey, the Philadelphia Federal Reserve gauge of factory activity in the Mid-Atlantic region, rose to 23.6 in January. That’s up from a revised reading of 19.7 the month prior and better than the median forecast that called for 15.8.
Readings above zero indicate expansion, while those below indicate contraction.
But optimism regarding future business conditions indicates even further increased growth in the manufacturing sector over at least the first half of the year. The diffusion index for future general activity is now at its highest reading since August 2014, up from a reading of 48.7 in December to 56.6 this month.
Firms reported an increase in manufacturing employment this month. The percentage of firms reporting an increase in employment (19%) exceeded the percentage reporting a decrease (6%). The current employment index improved 9 points, registering its second consecutive positive reading. Firms also reported an increase in work hours this month: The average workweek index, which was essentially unchanged from December, has now been positive for three consecutive months.
| Increase significantly |
4.7%
|
Total increase:
|
| Increase modestly |
56.3%
|
61.0%
|
| No change |
18.8%
|
|
| Decrease modestly |
17.2%
|
Total decrease:
|
| Decrease significantly |
3.1%
|
20.3%
|
| Increase of more than 6% |
15.6%
|
Total increase:
|
| Increase of 4–6% |
14.1%
|
|
| Increase of 2–4% |
20.3%
|
62.5%
|
| Increase of less than 2% |
12.5%
|
|
| No change |
12.5%
|
|
| Decrease of less than 2% |
0.0%
|
Total decrease:
|
| Decrease of 2–4% |
7.8%
|
|
| Decrease of 4–6% |
10.9%
|
25.0%
|
| Decrease of more than 6% |
6.3%
|
|
| Average expected growth for all firms: 1.6% | ||
| Average expected growth for firms attributing growth to seasonal factors: 0.0%* | ||
| Average expected growth for firms attributing growth to changes in conditions: 2.3%* | ||
| *The calculation is based on responses to a separate question about whether the expected change was due to seasonal factors, changes in business conditions, or other factors. | ||
|
% of all firms
|
||
| Hiring additional workers |
13.6
|
|
| Increasing work hours of current staff, without hiring additional workers |
18.2
|
|
| Increasing productivity of current staff, without hiring additional workers |
27.3
|
|
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