Philadelphia Fed manufacturing index rises in January

The Philadelphia Federal Reserve's manufacturing index rose 2.2 points in January to a reading of -10.6, an 18th negative reading in the past 20 months, worse than market estimates for a print of -7.

The indices for current new orders and current shipments both rose in January but also remained in negative territory, with the new orders index rising from -22.1 to -17.9, and the shipments index increasing five points to -6.2.

The employment index was little changed at -1.8, suggesting mostly steady levels of employment overall, while the survey's broad indicators for future activity slipped, hinting at less widespread expectations for overall growth over the next six months.