Philadelphia Federal Reserve reported Thursday, January slight cooling the Philadelphia region.
Philadelphia Fed business conditions index in January last year in December from 20.8 down to 19.3, while economists had expected unchanged.
Although the index declined, the report no shortage of bright spots.
Merrill Lynch economist Neil Dutta said, "The index is still high, the equivalent of Supply Management manufacturing index at 55 o'clock, reflecting the manufacturing sector is rapidly expanding in the region."
In the January report, the new orders index rose from 10.6 in December to 23.6, the employment index rose to 17.6 from 4.3.
The unfilled orders index rose to 8.7 from 4.0.
The transport index rose to 13.4 from 5.2, stock index rose from minus 5.9 to 6.8%.
Due to higher commodity prices, prices paid index rose to 54.3 from 47.9. Product selling price index rose to 17.1 from 9.4, reflecting the rising cost of business has shifted product buyers.
New York Federal Reserve, recently said that in January the past month, New York State manufacturing index rose to 11.9 from 9.9, indicating that the manufacturing industry is full of vitality.
Philadelphia and New York Fed manufacturing index are forecast to be early February for Supply Management's manufacturing index released provide a good clue. Institute for Supply Management is considered to provide real-time measure of the best indicators of economic conditions.
December Institute for Supply Management manufacturing index rose to 57.0, a record high of 6 months.
The Labor Department reported Thursday initial claims for unemployment benefits last week fell by 3.7 million to 40.4 million.