US Philly Fed index rebounds a bit less than expected in December

Factory activity in the US mid-Atlantic region continued to shrink at the end of 2022, albeit at a slower clip, the results of a closely followed survey revealed.

The Federal Reserve Bank of Philadelphia's manufacturing sector index rebounded from a reading of -19.4 for October to -13.8 in November.

Economists had forecast a reading of -10.0.

Price pressures eased noticeably with a related sub-index retreating from 35.3 to 26.4.

So too, the sub-index for delivery times slipped from -8.8 to -11.9, denoting further improvement.

But a key gauge for new orders also fell, from -16.2 to -25.8, as did subindices tracking staffing levels and the length of the average workweek.

-- More to follow --