Author Topic: Manufacturing report at 6-year low (Read 444 times)

Matthew · « **on:** January 17, 2008, 03:12:29 PM »

Manufacturing report at 6-year low
Survey from the Federal Reserve Bank of Philadelphia is weakest since just after the 9/11 attacks.

January 17 2008: 12:24 PM EST

NEW YORK (CNNMoney.com) -- Manufacturing activity in the Philadelphia area this month reached its lowest level since October 2001, a month after the 9/11 terrorist attacks, according to a report issued Thursday.

The Federal Reserve Bank of Philadelphia's Business Outlook Survey index weakened to -20.9 in January from -1.6 last month, the bank said.

Demand for manufactured goods, indicated by the number of new orders, reached its first negative level in 15 months, the bank said. The number of shipments also declined in the report.

The regional Fed said companies surveyed were less optimistic about manufacturing growth over the next six months than they were in December.

The Philadelphis Fed survey is often seen as a barometer of the U.S. manufacturing industry and a precursor to the national report from the Institute for Supply Management, which will be released Feb. 1.

Matthew · « **Reply #1 on:** January 17, 2008, 03:13:55 PM »

Remember the reports I posted months ago -- around October 2007 -- from guys that worked in the railroad shipping industry? They were saying that there were WAY less containers/shipments than was normal for October.

Now we hear that Christmas 07 was a poor one for retail, that manufacturing is down, and now the stock market enters a full-fledged correction (a drop of more than 10%).

Matthew