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Mid-Atlantic manufacturing continues to contract

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Although conditions improved somewhat from December.

According to the Philadelphia Reserve, manufacturing in the mid-Atlantic region continues to contract in January, while improving slightly from December.

The Fed reported today that its closely-watched manufacturing activity index for the region rose to -3.5 in January, following a revised -10.2 reading in December.  (Readings above 0 indicate expansion.)  It was the fifth consecutive month of contraction for the region.

Analysts had expected a reading of -6.0.

The report provides further evidence of a slowing economy, particularly in the important manufacturing sector.



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