PHILADELPHIA — Activity in the area’s manufacturing sector weakened in January, according to the Philadelphia Federal Reserve.
Both general activity and new orders index fell sharply, as indexes for shipments and employment turned negative.
The general activity index was -20.9, its lowest reading since October 2001. New orders was at -15.2, its first negative reading in 15 months.
Shipments fell 17 points to -2.3. The employment index fell 4 points to its first negative reading since September 2003.
Several firms also indicated a rise in prices for inputs and for their goods.
The prices paid index jumped from 36.5 in December to 49.8 in January, its highest reading since May 2006. Prices received increased from 15.2 in December to 32 in January, its highest reading since October 2004.
Manufacturing executives were less optimistic about future activity, and many future indicators have fallen, which suggest a weakening.
The future general activity index fell from 11.1 in December to 5.2 in January. It has declined 34 points over the past three months.
The index for future new orders was down two points, as the future shipments index rose three points.
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